ICBA urges CFPB to expand remittance rule relief

Jan 22, 2020

ICBA urged the Consumer Financial Protection to expand on its proposal to increase relief from its rule on remittance transfers.

As advocated by ICBA, the CFPB's proposal would extend an exception set to expire in July that allows community banks to provide estimates on required disclosures if certain criteria are met. It also would increase the safe harbor threshold from 100 to 500 annual remittance transactions, reducing the regulatory burden on an estimated 400 banks.

In its comment letter, ICBA urged the bureau to increase the threshold to 1,200, allow banks to continue providing estimates in their disclosures, and exempt banks with assets of $10 billion or less in either of the preceding two calendar years.