WASHINGTON (4/28/14)--Credit unions have until May 27 to comment on the Consumer Financial Protection Bureau's proposed modifications to its international remittance transfers rule. The Credit Union National Association is encouraging credit unions to comment as the trade association works for improvements to the proposal, including urging an exemption level well over the 100 transfers per year that the CFPB currently provides.
The proposed rule would extend for an additional five years a temporary provision that permits federally insured credit unions and other depository institutions to estimate certain remittance pricing disclosures. This temporary provision is set to expire on July 21, 2015.
Also, the proposal would make several clarifications and technical corrections, including to:
CUNA continues to advocate to the CFPB to improve the remittance rule for credit unions, and is interested in how these proposed changes would affect the processing of international funds transfers at credit unions, corporate credit unions and other payment providers.
Use the resource link to access CUNA's Comment Call. CUNA's comment deadline is May 12.