It’s hard not to gasp at the CFPB’s estimate that the final remittance transfer rule will require more than 3.4 million employee hours to implement and an ongoing burden of nearly 4.3 million employee hours annually to comply. The rule, which represents the first example of substantive rulemaking by the CFPB, amends Regulation E (Electronic Fund Transfer Act) to require new disclosures, error resolution procedures, and cancellation and refunds rights for remittance transfers to consumers or businesses in a foreign country.… Continue Reading