WASHINGTON (5/30/14)--The Credit Union National Association has extended its comment deadline on the international remittance rule proposed by the Consumer Financial Protection Bureau (CFPB) Monday, from today's original deadline.
The CFPB's new rule would extend a temporary provision, which is set to expire July 21, 2015, by an additional five years. The provision permits federally insured credit unions and other depository institutions to estimate certain remittance pricing disclosures.
CUNA continues to advocate for improvements to the CFPB remittance rule for credit unions, including an exemption well over the 100 transfers per year that the current rule provides for. CUNA also has concerns that some credit unions have stopped or reduced remittance transfers, or are planning to do so, and that credit unions continue to experience compliance challenges. (See News Now May 14: Remittance rule comment deadline extended by 10 days.)
Use the resource link below to access CUNA's comment call.