Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA backs remittance rule change
WASHINGTON (9/27/11)--The Credit Union National Association (CUNA) in a comment letter said it agrees with the National Credit Union Administration’s (NCUA) interim-final rule implementing Dodd-Frank Act amendments to the Federal Credit Union Act that added remittance transfers as an example of international electronic fund transfer services that may be offered to persons in a federal credit union’s field of membership. The Dodd-Frank Act, however, did not make substantive changes to authorized federal credit union business activities because federal credit unions were already authorized to provide international electronic funds transfers to persons in their field of membership. Section 1073 of the Dodd-Frank Act amended a portion of the Federal Credit Union Act to add “remittance transfers, as defined in section 919 of the Electronic Fund Transfer Act” as an example of international electronic fund transfer services that may be provided by a federal credit union to persons within its field of membership. CUNA noted that this amendment to the Federal Credit Union Act was only technical in nature, and did not have a substantive effect. For the full CUNA comment letter, use the resource link.


RSS print
News Now LiveWire
@AdamMertzCUNA @CUNACraig @AnnHPeterson @CUEscan @cumagazine
4 hours ago
.@TheNCUA :Low-income CUs can expand services to members, train staff,collaborate for efficiencies w/more than $1M in grants awarded 2day
14 hours ago
.@CUNA joins 11 other financial service orgs urging @SenateFloor to take up #CISA to strengthen cybersecurity information sharing
15 hours ago
.@RedwoodCU and its staff donated a combined $5,100 toward AIDS Walk San Francisco. The CU is a longtime sponsor of the event.
15 hours ago
See the latest from @CUNA's CompBlog on Customer Due Diligence. http://t.co/rzOzDUpNMT
15 hours ago