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.
