ABA, Trade Groups Press CFPB To Delay Remittances Rule Implementation

What's Next In Payments®
3:31 PM EST January 18th, 2013

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.

Comments
Also by This Author
What's Hot
Merchant Innovation
“Shazam for Fashion” Launches Stylist App
News
Samsung’s Double-Barrel Galaxy S6 Launch
News
Consumers Go Mobile For Smart-Device Research
Merchant Innovation
Will Half Of All Americans Be Amazon Prime Customers By 2020
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
Cool
The Shortlist – Get To Know Them Today, You’ll Be Talking About Them Tomorrow
B2B Payments
B2B Meets The Cloud: The Evolution of Payments
B2B Payments
ING Boosts B2B E-Payment Services with Basware
B2B Payments
Wonga Chooses Buyer for Nixed Business Lending Unit
View All Articles ››