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Associations Comment on BCFP’s Planned Assessment of Rules Promulgated Since Its Inception

The Clearing House (TCH), BAFT, the CBA, and the ABA, submitted a letter to the BFCP regarding the remittance transfer rule in response to the Bureau’s notice and request for information (RFI) regarding its planned assessment of the Bureau’s adopted regulations and new rulemaking authorities. In the letter the Associations stressed the need for depository institutions to be able to continue to provide estimated disclosures after the 2020 sunset of the temporary depository institution exception and noted that there are key issues adversely affecting the provision of remittance transfer services, which the Bureau should address, including with regard to scope of the regulation, disclosure requirements and error resolution.