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Inside Washington (11/05/2012)
  • WASHINGTON (11/6/12)--Banks are urging the Consumer Financial Protection Bureau (CFPB) to change a proposed new regulation governing remittance transfers that takes effect in February. Under the rule, providers will be required to disclose the total amount of money that a recipient would receive through a transfer, factoring in the exchange rate, and any fees or foreign taxes, and the date that the money will be available. The time when the customer first requests the transfer, and when the payment is made also must be disclosed. Consumers will have about 30 minutes after the payment is made to cancel a transaction. Bankers say the tax information that the new rule requires them to disclose will not be accessible in the time required. "It is important that you understand that a database of all worldwide taxes and their related exemptions and exclusions that are applicable to international transfers and available in real time simply does not exist today," banking groups said in an Oct. 17 letter to the CFPB. Credit Union National Association President/CEO Bill Cheney last week reiterated CUNA's and credit unions' suggestions for fixing pending remittance regulations in a letter to CFPB Director Richard Cordray (News Now Nov. 5). In a letter to Cordray, CUNA said credit unions do not fear losing income as a result of these regulations--credit unions charge minimal fees for these services and some actually lose money on these transfers. However, they do worry that members will be forced to stop using their credit unions for such services and have to rely instead on other providers that will charge them much more …

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