by Diane Katz
The Heritage Foundation
January 16, 2013
The remittance regulations constitute rulemaking at its worst: protracted uncertainty, overly broad strictures that reflect a misunderstanding of the targeted market, and fewer, more costly consumer options. Dozens of experts in the finance industry attempted to warn the Consumer Financial Protection Bureau about the flaws before the rules were finalized. Reflecting no small amount of regulatory arrogance, the agency ignored the input—only to reverse course. Unfortunately, the remittance rules saga is not isolated. Dozens of other Dodd–Frank provisions remain unwritten or stuck in regulatory or judicial limbo, leaving financial institutions and their customers uncertain about their investment and credit options. It is a sorry reminder of how poorly crafted legislation and ill-considered rulemaking have costly consequences.

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