The Consumer Financial Protection Bureau (CFPB) issued its final rule on remittances Monday, which comes after strong CUNA engagement with the CFPB to finalize the rule. The rule raises the “normal course of business threshold” to 500 remittance transfers per year, up from the current 100.
The CFPB clarified that consumers can exercise their rights to modify or waive certain required waiting periods under TRID and Regulation Z rescission rules, an request CUNA has made to the CFPB since the onset of the pandemic.
CFPB staff joined the monthly meeting of CUNA’s Consumer Protection Subcommittee Thursday to discuss the bureau’s coronavirus disease (COVID-19) related policy statements and initiatives and to hear from subcommittee member credit unions.
CUNA President/CEO Jim Nussle discussed the state of credit unions during the coronavirus disease (COVID-19) pandemic, as well as what credit unions need to increase service, during a phone conversation with CFPB Director Kathy Kraninger Wednesday.
The CFPB's Credit Union Advisory Council will meet on May 1 via conference call that will be open to the public. The call is scheduled for 2 to 4:15 p.m. (ET). According to the CFPB, the meeting will focus on the COVID-19 pandemic.
The CFPB issued a recent policy statement outlining its plan to adopt a flexible approach to supervision and enforcement of remittance transfers and extending a temporary disclosure exception through the end of 2020.
CUNA’s continued outreach and engagement with credit unions and other stakeholders resulted in a letter to CFPB Director Kathy Kraninger Wednesday detailing additional policy recommendations to help credit unions continue to provide high-quality financial services to members affected by COVID-19.
The CFPB released a policy statement Wednesday outlining the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic encouraging lenders to voluntarily provide payment relief to consumers and to report accurate information to credit bureaus relating to this relief.
The CFPB Thursday announced several changes called for by CUNA to allow financial institutions flexibility during the COVID-19 outbreak, including reporting from HMDA and certain credit card agreements.
CUNA President/CEO Jim Nussle followed up his Tuesday conversation with CFPB Director Kathy Kraninger with a Wednesday letter to her outlining ways the CFPB could help credit unions more efficiently serve members affected by the coronavirus pandemic.