Policy News

Industry Response to CFPB

BAFT and several other industry associations responded to a Request for Information regarding Potential Regulatory Changes to the Remittance Rule issued by the Consumer Financial Protection Bureau (“CFPB”).

The letter focused on the banking industry’s continued reliance on the open network of correspondent banking to transfer funds cross-border and, therefore, the Rule’s Temporary Exception permitting the use of estimates for certain disclosures.  Download the comment letter.