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TCH Urges CFPB to Remove Redundant Compliance Requirements

The Clearing House Association filed a comment letter with the CFPB on its initiative to streamline regulations it inherited from other federal agencies. TCH (i) encourages the Bureau to take practical steps to ease compliance with the inherited regulations, (ii) supports efforts to expand and remove barriers to the use of electronic disclosures within the inherited regulations, (iii) agrees that the Bureau should eliminate superfluous and unnecessary compliance requirements, and (iv) requests that the Bureau delay implementation and study the far-reaching application of the new remittance transfer rules.