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ABA: The American Bankers Association
Compliance News

CFPB Updates Small Entity Compliance Guide on Remittance Rule

The Consumer Financial Protection Bureau has updated its compliance guide for small entities on the remittance rule to reflect recent ABA-advocated changes, including one that will permanently allow depository institutions to estimate certain fees and exchange rates when making disclosures to their customers about the cost of remittance transfers. The changes also increased the threshold for identifying which banks are subject to the remittance rule’s requirements.