CFPB Releases "Remittance Rule" Assessment; Seeks Public Comment
On March 20, the CFPB issued a request for comment on its plan for assessing the effectiveness of its May 2013 final rule governing consumer remittance transfers. According to a March 17 blog post on the CFPB’s website, the self-assessment—which is required under Section 1022(d) of the Dodd-Frank Act—will focus on, among other things: (i) “whether the market for remittances has evolved . . . in ways that promote access, efficiency, and limited market disruption”; and (ii) whether the Remittance Rule (and other CFPB regulatory activity) has “brought more information, transparency, and greater predictability of prices to the market.” In describing the approach it planned to take in conducting its evaluation, the CFPB explained that it would seek to “compare consumer outcomes to a baseline that would exist if the Remittance Rule’s requirements were not in effect.” Comments on the plan will be due 60 days following the notice’s publication in the Federal Register.