The Federal Reserve and the Financial Crimes Enforcement Network today proposed to reduce the transaction volume threshold for when banks must collect and retain information on funds transfers and remittances that start or end outside of the United States.
The Consumer Financial Protection Bureau today finalized several American Bankers Association-advocated changes to the remittance rule, including one that will permanently allow depository institutions to estimate certain fees and exchange rates when making disclosures to their customer about the cost of remittance transfers.
As part of its policy response to the coronavirus pandemic, the Consumer Financial Protection Bureau today said it would provide relief to depository institutions after the scheduled July 20 expiration of a key exception in its remittance rule.
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.