Summary outlines CFPB remittance rule assessment

A summary of CFPB’s call for comments on the effectiveness of the bureau’s rule on remittances has been prepared and posted by NASCUS, noting six areas in which comments are being sought. Comments are due by May 23.

In its notice announcing the “assessment” of its rule (which is required by law every five years), CFPB stated that it included a request for suggestions of sources of data and to generally provide information that “would help with the assessment.”

A report on assessment of the remittance rule , the agency said, will be issued in the fall of 2018, and will (as required by law) address the rule’s effectiveness in “meeting the purposes and objectives of Title X of the Dodd-Frank Act and the specific goals of the remittance rule, using available evidence and data.”

The NASCUS summary provides a quick outline of the six-page request for comments, as well as access to information needed to submit comments.

NASCUS Summary: Request for Information Regarding Remittance Rule Assessment Plan