ABA, Trade Groups Press CFPB To Delay Remittances Rule Implementation

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The American Bankers Association and other trade groups have asked the Consumer Financial Protection Bureau to postpone the effective date of its remittance transfer rules, notes BankCreditNews.com.

 “The changes that remittance transfer providers must make to their systems and processes in order to comply with the rule are complex and time intensive…Accordingly, the Associations support the Temporary Delay,” the ABA and others said in a joint letter.

The CFPB’s new remittance transfer rules indicate that providers must supply their customers with pre-payment disclosers related to exchange rates, taxes and fees.

Read the full story here.