WASHINGTON (5/14/14)--The Consumer Financial Protection Bureau has extended the comment period for the modifications to its international remittance transfers rule. The comment period will now close June 6.
The 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.
The Credit Union National Association encourages credit unions to comment as the trade association works for improvements to the proposal, including an exemption level well over the 100 transfers per year that the CFPB currently provides.
Also, the proposal would make several clarifications and technical corrections, including to:
CUNA continues to advocate to the CFPB to improve the international remittance transfer 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 has been extended to May 30.