CFPB Seeking Comments On Possible Remittance Rule Revisions
By Daniel S. Cohen and Jeremy M. McLaughlin
On April 25th, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a request for information (“RFI”) asking for input about the scope of its Remittance Rule (the “Rule”), whether the Bureau should exempt certain small financial institutions from the Rule, and how the expiration of the Rule’s “temporary exemption” for insured depository institutions and credit unions would adversely affect consumers. Comments are due 60 days after publication in the Federal Register.
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