MADISON, Wis. (9/13/12)--CUNA Mutual Group is offering several free tools, including a white paper, webinars and other alerts to help credit unions comply with final rules amending Regulation E and related to remittance transfers.
The new rules, released Aug. 7 by the Consumer Financial Protection Bureau (CFPB), modify those published by the bureau Feb. 7.
New remittance transfer requirements were brought about by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The rules are designed to provide new protections--disclosures, error resolution and cancellation rights--to consumers who send remittance transfers exceeding $15 to consumers or businesses in a foreign country. These include electronic transfer of funds via international wire transfers, electronic bill pay and automated clearinghouse transactions.
The latest final rule clarifies the definition of a remittance transfer provider as an individual or business conducting more than 100 such transactions during a calendar year, which is an increase from the threshold of 25 proposed by the CFPB in February. Credit unions conducting 100 or fewer remittance transfers per year will not be affected by the rules, while those transacting more than 100 must be in compliance with the new requirements by Feb. 7.
The new regulations have implications in CUNA Mutual Group's Lending and Credit Union Protection product areas. The company is taking steps to ensure its products evolve to meet the new regulations and the needs of credit union customers. CUNA Mutual's LOANLINER document solutions area is helping credit unions comply, while the Credit Union Protection area is providing guidance to help credit unions avoid class-action lawsuits similar to those involving noncompliant ATM fee notifications under Reg E.
To access the tools, use the link.