Reps. Urge CFPB To Push Back Remittance Rule Start Date

Law360, New York (August 16, 2012, 4:06 PM EDT) -- A bipartisan group of U.S. representatives on Thursday asked the Consumer Financial Protection Bureau to delay implementation of rules aimed at increasing disclosures on small international money transfers, saying the rules do not fit with how banks perform those transactions.

In a letter to CFPB Director Richard Cordray, 27 House Republicans and five Democrats from the chamber say the increased disclosures risk squeezing some banks from the international remittance market and raising prices for low-income consumers looking to send money to family members in their home...
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