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ABA: The American Bankers Association
Compliance News

CFPB Issues Notice and RFI on Remittance Rule

The Consumer Financial Protection Bureau on April 25 issued a Request for Information (RFI) regarding two aspects of the remittance rule. First, the Bureau seeks information related to the scope of coverage of the Rule. Second, the Bureau seeks information regarding the expiration of a temporary exception in the Rule that allows certain insured institutions to estimate the exchange rate and certain fees they are required to disclose when sending remittance transfers. The statutory provision authorizing the temporary exception expressly limits its length and does not provide the Bureau the authority to extend the exception beyond July 21, 2020. Comments on the RFI are due 60 days after publication in the Federal Register.