Numerous trade associations representing banks and credit unions responded to the Consumer Financial Protection Bureau’s (CFPB) request for information about its proposed changes to the Electronic Fund Transfers Act (EFTA) that would impact how institutions perform remittances.
The trades offered numerous suggestions pertaining to the remittance rule, which was crafted to protect consumers when sending funds overseas electronically and includes exemptions for institutions that meet certain criteria.
Learn specific details about the stakeholder recommendations the bureau received on the matter.