Alabama Appleseed recommends retaining the “Remittance Rule” in comments to the CFPB

Montgomery, AL – On May 23, Alabama Appleseed, joined by the National Appleseed and seven additional state Appleseed Centers, submitted a letter to the Consumer Financial Protection Bureau (“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 Appleseed’s 2016 reports “Sending Money: The Path Forward,” and “Sending Money: In Their Own Voices,” Appleseed shared its findings on international remittance customers’ preferences and behavior since the adoption of the “Remittance Rule.”

In the 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.