With concerns still rampant that regulations by the Consumer Financial Protection Bureau will unduly harm community banks, the agency took a step yesterday toward giving smaller institutions relief in a key area: remittances, American Banker reported today. The CFPB said institutions with fewer than 100 remittances a year are freed from new fee-disclosure requirements. The final rule, which updated a February regulation on remittances, appeared aimed at soothing concerns by community banks and others that the fee requirements harmed low-volume providers. It also may impact a Texas banker's court challenge to the CFPB, which specifically cited the remittance rule as a reason why the agency should be abolished.
