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Remittances: A New Market Calls for New Protections

By Karen K. Harris

Immigrants in the United States remit tens of billions of dollars every year to family members in their home countries. The size of the remittance market and opportunities for new customers in a heretofore largely unbanked population have led banks and other financial institutions to offer remittance transfers. Sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act affect remittances, and the Consumer Financial Protection Bureau has issued final rules to implement these sections. Provided that consumer protections are in place, remitting through banks is a way for immigrants to benefit from entry into the mainstream financial market.

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