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Monday, July 30, 2012

ABA and Trade Associations Urge House to Delay Remittances Rule

ABA and four trade associations today urged members of the U.S. House of Representatives to join Representatives Blaine Luetkemeyer and Yvette Clarke in writing to CFPB Director Richard Cordray urging him to delay the implementation of the CFPB’s rule implementing Section 1073 of Dodd-Frank:
While we strongly support, and historically always ensure, appropriate consumer disclosures of fees and product terms, the rule put forth by the CFPB earlier this year will make it exceedingly difficult and costly for our member financial institutions to continue offering these services. If not delayed and, hopefully, modified, the CFPB’s remittances rule will result in fewer choices and more costs for consumers.
Read the letter.

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