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News Now

Washington
Remittance rule changes covered in CUNA webinar
WASHINGTON (8/22/12)--The Consumer Financial Protection Bureau's remittance rule changes are scheduled to go into effect on Feb. 7, 2013, and the Credit Union National Association (CUNA) is offering a Sept. 5 webinar to help prepare credit unions for this change.

The hour-and-a-half long webinar will include:

  • A summary of the remittance transfer rule
  • Requirements for credit unions
  • Next steps for complying with the rule; and
  • Outsourcing options as it relates to compliance.
The webinar is scheduled to begin at 11:00 A.M. CT.

MoneyGram International Vice President of Business Development Michael Daugherty and Andrea Stritzke, vice president of regulatory compliance for PolicyWorks, will lead discussion.

Under a new remittance rule adopted by the CFPB earlier this year, remittance transfer providers would be required to disclose the exchange rate, all fees associated with a transfer, and the amount of money that will be received on the other end. Remittance transfer providers will also be required to investigate disputes and fix mistakes.

The CFPB has provided a safe harbor exemption from the rule for remittance providers that transact 100 or fewer remittances per year. The agency has indicated at least 80% of credit unions that offer remittance services would be exempt, but CUNA remains very concerned about the safe harbor provisions and continues to encourage the CFPB to increase this safe harbor threshold.


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