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Remittance more highlight Tuesday CUNA conference
WASHINGTON (6/18/12)--Frequently asked questions regarding remittance regulations will be among the topics covered in a June 19 Pressing Compliance Issues audio conference.

Credit Union National Association (CUNA) Director of Compliance Information Valerie Moss covered one such remittance question in a recent CompBlog post.

In her post, Moss advised that credit unions will not be considered to be acting as remittance transfer providers when they perform activities as an "agent" on behalf of a remittance transfer provider, such as MoneyGram.

Regulation E, Electronic Fund Transfers, defines the term "agent" as "an agent, authorized delegate, or person affiliated with a remittance transfer provider, as defined under state or other applicable law, when such agent, authorized delegate, or affiliate acts for that remittance transfer provider," Moss explained.

Thus, remittance transfer providers are responsible for the acts of their agents, and will be liable for any rule violations when the agent is acting for the provider, she added.

CUNA Senior Vice President for Compliance Kathy Thompson, Senior Compliance Counsel Mike McLain and Federal Compliance Counsel Colleen Kelly will join Moss to lead this week's hour-and-a-half long CUNA compliance audio conference, which is scheduled to begin at 2 p.m. ET on Tuesday.

The audio conference will also address:

  • The National Credit Union Administration's examination questionnaire for the new interest rate risk regulation;
  • New U.S. Internal Revenue Service nonresident alien reporting rules;
  • New Bank Secrecy Act requirements; and
  • Other compliance issues.
Registration is still open for the conference. To register, use the resource link.


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