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CBA Statement on Remittances
Washington, D.C. (May 1, 2013) – Statement of Richard Hunt, President and CEO, Consumer Bankers Association in response the CFPB’s final rule on Remittances, also known as International Monetary Transfers:
“CBA commends the CFPB on its willingness to work with the industry to address the serious concerns voiced by the retail banking sector. As a result, the changes made to the final rule will allow our members to effectively serve their customers’ needs when sending money abroad. ”
Editor’s note: As proposed, the rule would have had significant adverse consequences for consumers and would have decreased the availability of remittance transfer services and products’; the requirement to include recipient institution fees and foreign taxes in remittance transfer disclosures would have impaired consumers’ ability to effectively comparison shop between providers and cause consumers to unnecessarily overfund transfer amounts. CBA also was concerned that error liability was inappropriately allocated and the process was overly complex.
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.