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Thursday, January 31, 2013

Associations Request CFPB Further Review Remittance Transfer Rules

ABA filed a joint comment letter to the CFPB in response to the CFPB’s proposal which would modify certain aspects of the final rules issued to implement Section 1073 of the Dodd-Frank Act which requires certain changes in regards to remittance transfers.

The proposal will modify three main areas: (i) foreign tax disclosures; (ii) recipient institution fee disclosures; and (iii) liability for a sender’s incorrect or insufficient information. The CFPB noted that in its monitoring of the remittance transfer market it learned that compliance challenges related to these three issues are substantial enough to lead certain providers to exit the market or reduce their service offerings.

The Associations noted they “full support the Bureau’s decision to reconsider these issues.”

The Associations requested the CFPB also look into additional areas of the final rule including the recipient bank fee disclosure requirement, the foreign tax disclosure requirements, and requirements surrounding sender error situations.

Read the full letter.

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