The Consumer Financial Protection Bureau’s rule on remittance transfers has resulted in initial compliance costs for remittance transfer providers of $86-92 million and ongoing compliance costs of $19-102 million per year, according to the bureau’s five-year assessment of the rule.

As part of the Consumer Financial Protection Bureau’s ongoing feedback initiative, ABA and its transaction banking subsidiary BAFT, joined by the Clearing House and the Consumer Bankers Association, urged the CFPB to make several much-needed rule changes to its remittance rule.