In January 2012, the Consumer Financial Protection Bureau (CFPB) amended Regulation E and its official interpretation to provide new protections to consumers who send remittance transfers to other consumers or businesses in foreign countries.
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.
CUNA is concerned with a report on consumer testing used by the CFPB to analyze periodic statement forms for consumers in bankruptcy, but concurs with some of its findings. The bureau issued a report in February on its study.