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ABA: The American Bankers Association
Compliance News

ABAs Letter to CFPB on the Remittance RFI

ABA on June 28 filed two comment letters in response to the Bureau’s request for information (RFI) about remittances. The RFI was prompted by the upcoming expiration of a provision that lets depository institutions estimate certain fees and exchange rates when making disclosures to their customers. The ability to estimate will expire in July 2020 and cannot be extended by the Bureau and so the CFPB would like comment on alternative ways to ensure consumers continue to have access to remittances. Read the joint comment letter.