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CFPB Wants More Small Banks Exempted From Remittance Rules

Dec. 3, 2019, 5:27 PM

The Consumer Financial Protection Bureau is proposing to increase the number of small banks that are not subject to the agency’s rules governing international money transfers.

The bureau Dec. 3 issued a notice of proposed rulemaking that would allow banks that process 500 or fewer international remittances from complying with the bureau’s 2012 rule governing those transactions. The existing exemption only provides a safe harbor for banks that process 100 or fewer money transfers.

The change could increase the number of banks exempted from the rule by 400 and add another 250 credit unions to the exempted list, the CFPB...

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