Daily Archives: May 23, 2017

MSBA submits comment letter to the CFPB on the Remittance Rule

MSBA submits comment letter to the CFPB on the Remittance Rule

The MSBA submitted a comment letter to the CFPB to explain that  the obligations imposed on RTP’s through the Remittance Rule are in many ways redundant to rules already in place at the state level. Additionally, any consumer protection benefits they do afford are outweighed by the burdens imposed upon RTPs which are already sufficiently regulated by other federal agencies and the individual states. We therefore provide several recommendations for modifications to the Remittance Rule which will greatly reduce the burden and costs imposed on RTPs without sacrificing the Rule’s intended purpose of protecting consumers in the United States.

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