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BAFT Responds to General RFI RT Rule

by BAFT | Jun 29, 2018
BAFT together with TCH, CBA, and the ABA submitted a comment letter to the CFPB regarding its remittance rule.
The comment letter was a response to the CFPB’s general request for information regarding all of its rules.  In the letter, the associations urged the CFPB to exclude transfers that are outside the commonly understood scope of remittances; preserve depository institutions’ ability to estimate fees and exchange rates, rather than providing third parties’ actual rates and fees; provide more flexibility and reduce redundancies with respect to disclosures; and modify the error resolution provisions.  Review the joint industry letter here in our Library of Documents under Comment Letters.