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Thursday, January 17, 2013

CFPB Remittance Implementation Rule Delay “Essential”

The ABA in a joint letter with the Clearing House Association L.L.C., the Consumer Bankers Association, The Financial Services Roundtable, the Independent Community Bankers of America, NACHA – The Electronic Payments Association, and the NCUA wrote to the CFPB regarding the proposal to temporarily delay the effective date of the rules issued to implement Section 1073 of the Dodd-Frank Act regarding remittance transfers.

The Associations expressed their support and affirmed that the delay of the implementation date was essential and appropriate. The Associations also urged the CFPB to allow the industry the time needed for an orderly transition once the new final rule is issued.
Although we are still in conversations with our member institutions…we have heard concerns that, depending on the requirements of the final rule, the proposed 90 day period may not be sufficient to allow remittance transfer providers to develop, implement and test changes in accordance with their compliance and risk management programs.
Read the letter.

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