WASHINGTON (10/25/13)--The Credit Union National Association encourages credit unions to contact the trade group immediately if they plan to stop offering international remittance services because of compliance burdens imposed by a new Consumer Financial Protection Bureau rule that goes into effect Monday.
"If your credit union has stopped offering international remittance services because of concerns with the rule, CUNA would like to hear from you," encouraged CUNA Senior Vice President and Deputy General Counsel Mary Dunn Thursday.
She recommended such credit unions contact CUNA immediately at RegAdvocacy@cuna.coop.
Under CFPB rule, remittance transfer providers are required to give prepayment and receipt disclosures to the consumer-sender that include the exchange rate, certain fees and taxes associated with a transfer, and the amount of money that will be received on the other end of the transfer. Remittance transfer providers will also be required to investigate disputes and correct errors.