Removing Barriers Blog

CUNA calls on CFPB to act on Remittance Amendments
Posted March 12, 2020 by CUNA Advocacy

In a letter sent today, CUNA recommended the CFPB quickly finalize its proposal amending the Remittance Rule and exercise its authority to permit compliance flexibility for remittances sent to individuals in countries affected by the growing public health concern surrounding coronavirus disease.

“We appreciate the Bureau’s focus on appropriately tailoring the remittance rule and the rulemaking’s high priority status, as indicated by the Bureau’s already swift timeline,” the letter reads. “That said, in light of the growing global public health crisis surrounding COVID-19, CUNA respectfully recommends the Bureau further expedite the issuance of its final rule and take action to exclude from the rule’s requirements remittance transfers made to individuals in countries affected by the growing pandemic.” 

CUNA argued that during times of global economic downturn, natural disaster and pandemic, remittances can be an especially important lifeline to people in developing countries to purchase food, services and medical care.  

“The financial well-being of global communities could become dependent on the ability of consumers to transfer funds expeditiously and easily without the burden of undue red tape. The Bureau’s action would ensure impacted individuals continue to have access to remittance services from their local credit union,” the letter reads.