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CFPB, Cornerstone Seek Comments on Plan for Assessing Remittance Rule
Monday, March 20, 2017 6:50 AM

The Consumer Financial Protection Bureau has released its plan to assess the effectiveness of the remittance rule, and they are asking the public to comment on the plan, suggest sources of data, and generally provide information that would help with the assessment.

The remittance rule requires companies to give accurate disclosures to consumers before they pay for a remittance transfer. The remittance rule also requires remittance transfer providers to investigate disputes and remedy certain errors.

Cornerstone SVP Regulatory Compliance Counsel Suzanne Yashewski echoes the need for comments from credit unions. "I would especially like to hear from any credit unions that discontinued remittances after the last round of burdensome regulation."

To share your story and suggestions for change, please contact Yashewski at 512-853-8516 or syashewski@cornerstoneleague.coop.

In the Dodd-Frank Act, Congress established new standards for remittance transfers and authorized the CFPB to issue rules that would make these standards clear and effective. CFPB refers to all of the requirements that took effect on Oct. 28, 2013, as the remittance rule.

CFPB will issue a report of the assessment in the fall of 2018. As required by law, the assessment will address the rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act and the specific goals of the remittance rule, using available evidence and data. 

Comments on the plan will be due 60 days after it is published in the Federal Register