Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NEW: Oct 28 Is CFPB Remittance Rule Effective Date
WASHINGTON (UPDATED: 4/30/13, 4:00 p.m. ET)--Oct. 28 will be the effective date for the Consumer Financial Protection Bureau's remittance regulations, the bureau said today.

Under the final rule published last February, remittance transfer providers will be required to provide prepayment and receipt disclosures to the consumer sender that include the exchange rate, certain fees and taxes associated with a transfer, and the amount of money that will be received on the other end of the transfer. Remittance transfer providers will also be required to investigate disputes and correct errors.

The CFPB has provided a safe harbor exemption from the rule for remittance providers that transact 100 or fewer remittances per year.

The Credit Union National Association's International Remittances Working Group has met with CFPB Director Richard Cordray and his senior staff and CUNA senior staff have had numerous meetings and telephone conversations with CFPB officials to advocate for credit unions on remittance issues.

Remittance rule revisions addressing fees and foreign tax disclosures and how financial institutions will cope with account or routing number errors were also released on Tuesday.

For more on the revisions, see News Now on Wednesday.


RSS print
News Now LiveWire
Expanded ATM services at branches attractive to members: @CFIGroup. See #NewsNow Friday
8 hours ago
#FinCEN imposes civil money penalty against NJ's BPI money services co. for #BSA violations http://t.co/WnDzOcxdOZ
11 hours ago
.@ABCULCUs give hat tip to America's #100MM #creditunion milestone http://t.co/q8yo6Lx3LM
11 hours ago
The @CFPB has announced new Credit Union Advisory Council members, as well as other senior leaders, advisory board and council members.
12 hours ago
GDP expanded 4.2% on an annualized basis in 2Q according to Bureau of Economic Analysis
12 hours ago