Around the Appleseed Network

On May 23, Appleseed and eight of our local Appleseed Centers submitted a letter to the CFPB in response to an opportunity for public comment on 12 CFR 1005 Subpart B, the “Remittance Rule.” A derivative of the Dodd-Frank Wall Street Reform and Consumer Protections Act of 2010, the Remittance Rule specifically and importantly deals with consumer remittance disclosures and related consumer protections.

Appleseed has been studying the impact of these protections on consumers for some time. In our 2016 reports “Sending Money: The Path Forward,” and “Sending Money: In Their Own Voices” we share our findings on international remittance customers’ preferences and behavior since the adoption of the “Remittance Rule.”

In our letter, accessible here, Appleseed strongly recommends retention of the Remittance Rule with specific recommendations to further study the impact of these regulations so that consumers have access to critical information, that disclosures are clear and that protections are meaningful.

Download the PDF: CFPB Remittance Assessment.final.5.23.27 (1)
For more information: ALoVoi@appleseednetwork.org

 

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