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ABA: The American Bankers Association
Compliance News

ABA, Trades Urge Continued Allowance of Estimates in Remittance Disclosures

ABA joined The Clearing House and other industry trade associations in urging the Bureau to continue to permit banks and other insured institutions to provide estimates of pricing information in remittance transfer disclosures where the exact amounts cannot reasonably be determined. The Bureau's remittance rule requires companies that provide remittance transfers to disclose to the customer exact pricing information, but includes a temporary exception for insured institutions to provide estimates of this pricing information. That exception expires on July 21, 2020.