WASHINGTON (12/15/14)--The Credit Union National Association's survey on international remittances heads the monthly CompBlog Wrap-Up, which features a look back at November's top compliance tips and also features a look into the most current compliance issues.
The Consumer Financial Protection Bureau's (CFPB) remittance transfer rule went into effect Oct. 26, 2013, and CompBlog mentions that many credit unions have discontinued offering such transfers, or have had to charge more because of the rule.
CUNA's survey on remittance transfers seeks input from credit unions that currently, or have ever, offered international remittance transfer services to gauge how the rule has affected them and to shape advocacy efforts going forward.
The Wrap-Up also includes a rundown of the CFPB's proposed prepaid card regulations. Announced in November, the proposals would require financial institutions issuing such cards to limit consumers' losses if funds are stolen or cards are lost; provide easy, free access to account information; and investigate and resolve errors.
The entry covers the bureau's proposed new definition of "prepaid account" and other requirements for issuers of prepaid cards.
Other items in November's Wrap-Up include: