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CFPB Seeks Comment on Remittance Rule Assessment

Money-Transfer-2_iconOn March 17, the CFPB released a plan to assess the effectiveness of the remittance transfer rule. The assessment is mandated as part of the Dodd-Frank Act, which requires the CFPB to review some of its rules within five years after they take effect.

The assessment must use available evidence and data to address the remittance transfer 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. Once the assessment is completed, the CFPB must issue a report of the assessment in the fall of 2018.

The CFPB hopes the assessment may advance its knowledge of the benefits and costs of the key requirements of the remittance rule and provide the public with information on the remittance market. The CFPB requests that industry participants comment on the assessment plan, suggest sources of data for the CFPB, and provide other recommendations and data with respect to the remittance transfer rule.

Comments on the CFPB’s assessment plan are due 60 days after it’s published in the Federal Register.

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