CFPB Releases Plan to Assess Remittance Transfer Rule
The CFPB has released a plan to assess the effectiveness of the remittance transfer rule. The notice lists six issues on which the CFPB seeks information and other comments. Comments on the plan will be accepted for 60 days after publication in the Federal Register.
The CFPB plans to focus its assessment on two areas: (1) whether the remittances market has evolved after the rule in ways that promote access, efficiency, and limited market disruption by considering how remittance volumes, prices, and competition in the remittance market may have changed, and (2) whether the rule’s consumer protections have brought more information, transparency, and greater price predictability to the market.