An assessment report to Congress sent in October on the Consumer Financial Protection Bureau (CFPB) remittance rule has been revised and reposted to the bureau’s website, the agency said Wednesday, to correct an understatement of the dollar volume of remittance transfers by banks.
With the correction, it said, the share of the remittance dollars transferred by banks has increased. “None of the conclusions of the report are affected,” the bureau said in its announcement.
The report was required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), which requires the bureau to perform an assessment of its significant rules within five years after they take effect. The bureau notes this rule took effect in 2013.
Remittance rule assessment report
RR: Bureau reports to Congress on remittance rule, says findings could inform future policy (Oct. 29, 2018)