The Consumer Financial Protection Bureau proposed extending a community bank exemption to its rule on remittance transfers and expanding the rule's safe harbor threshold.
As advocated by ICBA in a recent comment letter, the CFPB's proposal would extend an exception allowing community banks to provide estimates on required disclosures if certain criteria are met. The exception is set to expire on July 21, 2020.
The proposal also would increase the safe harbor threshold from 100 to 500 annual remittance transactions, reducing the regulatory burden on an estimated 400 banks. ICBA has for years advocated an increase in the threshold, including in its Community Focus 2020 platform.
The proposal is open for a 45-day comment period.