ICBA Issues Statement on CFPB Update of Remittance Transfer Rule

Nov 28 - The Independent Community Bankers of America has released this statement following the Consumer Financial Protection Bureau’s announcement that it will propose adjustments to its rule on international remittance transfers that would help address ICBA concerns.

“ICBA appreciates the CFPB’s recognition that its final rule on remittance transfers poses compliance challenges that would make providing remittance services nearly impossible for many community banks. As currently written, the final rule would impose liability on financial institutions for incorrect account information provided by consumers, require providers to know all applicable remittance transfer taxes for every country, province and municipality in which they offer remittance transfers, and require recipient banks to disclose receipt account fees that are often variable and confidential. Addressing these provisions will help relieve the regulatory burden on community banks, ensuring their customers continue to have access to remittance services.”

For more information, visit www.icba.org/advocacy.