CFPB extends comment period on proposal to extend depository institution exception and make other changes to remittance transfer rule

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The CFPB has extended the comment period on its proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances and to make several other changes and technical corrections to the rule. Absent the five year extension, the temporary exception would expire on July 21, 2015. 

In a notice published in today’s Federal Register, the CFPB announced that the comment period will close on June 6, 2014 instead of on May 27, 2014. According to the notice, the CFPB received a number of requests from industry trade groups asking for additional time “to more thoroughly evaluate and respond to the specific issues raised in the proposal.”

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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