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
News
Staples Breach Hit 1.16 Million Payment Cards
Loyalty & Rewards
Go, Teller, On The Mountain (Of Stats) That Mobile’s Less Loyal
News
Would You Like Beacons With That?
News
PayPal Here Gets New U.K. Partner
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
Alternative Financial Services
What Payments Players Want Under The Tree
News
Staples Breach Hit 1.16 Million Payment Cards
Alternative Financial Services
Bitcoin Tracker | Week 53    
Loyalty & Rewards
Go, Teller, On The Mountain (Of Stats) That Mobile’s Less Loyal
View All Articles ››