Banking and consumer groups align on remittance rule

05/6/2013 | AmericanBanker.com (free registration)

The Consumer Financial Protection Bureau changed its rules on international money transfers after pressure from banking and consumer groups. The Center for Responsible Lending and the National Council of La Raza pushed against rules that they say wouldn't help many consumers and could push banks out of the remittance business. "We appreciate where the CFPB ended up, though it took a lot of steps to get there," said CBA President and CEO Richard Hunt.

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