"The Consumer Financial Protection Bureau said Tuesday it will amend its rule establishing new disclosures for international money transfers in a move designed to ease bankers' fears that the regulation is overburdensome," writes American Banker's Rachel Witkowski.
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The CFPB, created under the Dodd-Frank Act, will delay the implementation of the rule by 90 days, which was originally scheduled to go into effect on Feb. 7.
Isaac Boltansky, a policy analyst at Compass Point Research & Trading, stated "The initial rules were very aggressive. There were so many layers of disclosures...that we've seen banks pull back from offering this service."
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