The Consumer Financial Protection Bureau (CFPB) published its request for comment on its remittance rule in the Federal Register Friday, with comments due May 23. The bureau announced last week it will conduct an assessment on the rule, a rule CUNA has long believed harms consumers.
The Dodd-Frank Act requires CFPB to assess some of its rules within 5 years after taking effect, but those assessments are not considered part of any formal or informal rulemaking. According to the bureau, a report of the assessment will be issued in fall 2018.
A recent CUNA member survey showed that over half (55%) of credit unions that have offered international remittances sometime during the past 5 years have either cut back (27%) or stopped offering them (28%), primarily due to burden from CFPB regulations.