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CFPB delay on remittances backed
NAFCU and six other trade organizations stated their support for a delay in the CFPB's final rule on international remittances in a letter sent jointly to the bureau Tuesday.
Tuesday was the deadline for commenting on the proposed delay. The deadline for comments on the CFPB's proposed revisions on certain disclosures is Jan. 30.
The groups, in Tuesday's letter, said a temporary delay in implementation "is essential' while the bureau considers the proposed amendments. "The changes that remittance transfer providers must make to their systems and processes in order to comply with the rule are complex and time intensive," they wrote.
Tuesday's letter was signed by NAFCU, The Clearing House Association, Consumer Bankers Association, Independent Community Bankers of America, American Bankers Association, The Financial Services Roundtable and NACHA – The Electronic Payments Association.
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