Current Issues


We serve as the industry’s voice before multilateral agencies, export credit agencies, finance ministries, central banks and legislative bodies. We collaborate around the world with other industry groups and trade associations. As a member of BAFT, we represent you in continually striving to:

  • develop international standards such as the “Master Participation Agreement” for trade risk
  • support the “national treatment” of financial firms in the markets where they do business
  • promote the harmonization of financial services regulation and supervision between countries
  • coordinate with private and public sector stakeholders to ensure that governments, multilateral agencies, and leading policymakers around the globe have substantive feedback and reliable data on market dislocations and industry trends
  • Advocate for the positive consideration of trade finance and transaction banking under the Basel capital and liquidity framework
  • Use common Trade Finance Definitions to standardize industry/regulatory terminology and facilitate prioritization of trade risk in sovereign events
  • Ensure the continuation of benefits afforded companies via ECA financing

Policy News

BAFT Responds to CFPB’s Proposed Amendment of the Remittance Rule

by Samantha Pelosi | Feb 05, 2020
On January 21, 2020, BAFT and other industry associations responded to the Consumer Financial Protection Bureau’s Notice of Proposed Rulemaking that would amend the Remittance Rule.

BAFT jointly with The Clearing House, the Consumer Bankers Association, and the American Bankers Association, submitted a comment letter to the US Consumer Financial Protection Bureau (CFPB) supporting it proposed amendments to the remittance rule. The amendments would create two new exceptions—one for exchange rates and one for fees—allowing banks to continue to rely on estimates when providing disclosures to customers. The CFPB proposed the amendments in response to concerns voiced earlier by the banking associations regarding the expiration in July 2020 of the rule’s existing temporary exception.  Also in the joint comment letter, BAFT encouraged the CFPB to make greater use of the rule's existing permanent country exception, which allows estimation of disclosures for remittance transfers to certain countries where exact amounts can be particularly difficult to determine.  These changes would permit banks to continue to serve the needs of their customers who wish to initiate remittance transfers directly from their depository accounts.

 

To view the joint letter, visit our Library of Documents under the Comment Letters section.