Enforcement during the COVID-19 pandemic

Answered by:

Question:

Did the CFPB issue a statement about enforcement of prohibitions on the use of estimates in remittance transfer disclosures in light of the COVID-19 pandemic?

Answer:

Yes. On April 10, 2020, the Bureau released a statement that, in light of the pandemic, there would be some relaxation of its enforcement of the cost estimate requirements for some service providers. However, that relaxed enforcement expired December 31, 2020.

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Learn more about John Burnett’s Complying with the Remittance Transfers Rule webinar.