WASHINGTON (5/23/13)--Credit unions can detail how recent changes to the Consumer Financial Protection Bureau's final international remittance transfer rule could impact their business practices as they relate to such services they provide to their through a new Credit Union National Association survey.
The survey specifically asks whether the CFPB's recent revisions to remittance rules are sufficient to enable credit unions to continue offering these transfer services to their members. The survey begins with the rule's definition, provides examples regarding remittance transfers and presents questions that reflect the recent CFPB regulatory changes.
Under the final rule, remittance transfer providers are 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.
Remittance rule changes announced by the agency earlier this month include:
- Delaying the effective date of the entire rule until Oct. 28;
- Making optional, in certain circumstances, the requirement to disclose fees imposed by a designated recipient's institution;
- Making optional the requirement to disclose taxes collected by a person other than the remittance transfer provider; and
- Revising resolution provisions that apply when a remittance transfer is not delivered to a designated recipient due to sender error.
CUNA advocated for these and a number of other beneficial changes. The CFPB did not revisit the 100 transfers per year exemption threshold.
"Credit union responses will be very helpful as we continue to advocate to important policymakers in an effort to minimize the effects of the Dodd-Frank Act on international remittances. We hope to share the aggregate results with the CFPB, key members of the U.S. Congress, and the National Credit Union Administration board," CUNA Deputy General Counsel Mary Dunn said.
CUNA has asked that credit unions complete the survey by June 10.
For the survey, use the resource link.