In a joint comment letter with the Clearing House and the Consumer Bankers Association yesterday, the American Bankers Association and its subsidiary BAFT offered support for proposed changes to the Consumer Financial Protection Bureau’s remittance rule.
The Consumer Financial Protection Bureau today proposed an American Bankers Association-advocated change to its remittance rule that would permanently allow depository institutions to estimate certain fees and exchange rates when making disclosures to their customers.
The Consumer Financial Protection Bureau today announced updates to its rulemaking agenda for 2019. Significantly, the bureau said that it is considering initiating a rulemaking or issuing guidance to address the interplay between Regulation Z and requirements under the Electronic Signatures in Global and National Commerce Act.
With a key exception of the Consumer Financial Protection Bureau’s remittance rule set to expire in July 2020, a group of Republican lawmakers wrote to CFPB Director Kathy Kraninger today urging the bureau to “take every available step” to ensure that consumers may continue to access remittance services.
In response to a recent request for information, the American Bankers Association on Friday filed two comment letters offering feedback to the CFPB on potential changes to its remittance rule.
The Consumer Financial Protection Bureau has issued a request for information seeking input on potential changes to its remittance rule, which established requirements for companies sending international money transfers on behalf of consumers.
ABA, its transaction banking subsidiary BAFT and other industry trade associations today urged the Consumer Financial Protection Bureau to continue permitting depository institutions to provide estimates of pricing information in remittance transfer disclosures where the exact amounts cannot reasonably be determined.
Imposing a 5 percent tax on cross-border remittances to fund border barriers — as envisioned in H.R. 85, the Fund and Complete the Border Wall Act — could have adverse consequences for law enforcement and consumers, a coalition of trade groups including the American Bankers Association said today.
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.