CFPB Seeks Comment on Remittance Rule

March 17, 2017

CFPB Seeks Comment on Remittance Rule | On Friday, March 17, 2017, the CFPB announced its five-year assessment of the remittance rule as required by section 22(d) of the Dodd-Frank Act.  The Bureau must file a report on the effectiveness of the rule no later than five years after the rule’s October 28, 2013 effective date.  Prior to issuing the report, the agency is required to seek public comment on modifying, expanding or eliminating the rule. The Bureau intends to focus its assessment on two specific areas:

  1. Whether the market for remittances has evolved after the Rule in ways that promote access, efficiency, and limited market disruption by considering how remittance volumes, prices, and competition in the remittance market may have changed; and,
  2. Whether the new system of consumer protections has brought more information, transparency, and greater predictability of prices to the market. 

 

Comments will be due on the assessment plan 60 days after publication in the Federal Register.