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Most Read Contributor in United States, September 2017
The Consumer Financial Protection Bureau ("CFPB") requested comment on a planned assessment of
certain rules related to consumer remittance transfers under the
Electronic Fund Transfer Act (the "Remittance Rule").
Section 1022(d) of the
Dodd-Frank Act requires the CFPB to conduct an assessment of
each significant rule or order under federal consumer financial
law.
The CFPB stated that the assessment will focus on two areas:
"(1) whether the market for remittances has evolved after the
Remittance 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." Further, the CFPB
stated that the assessment would "compare consumer outcomes to
a baseline that would exist if the Remittance Rule's
requirements were not in effect."
Comments on the Remittance Rule assessment must be submitted
within 60 days of the publication of the request for comment in the
Federal Register.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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