Removing Barriers Blog

Comment on the CFPB’s Remittances Proposal
Posted January 15, 2020 by CUNA Advocacy

In early December, the CFPB issued a proposed rule on remittances that would increase the “normal course of business” threshold to 500 transfers per year, up from 100. While a positive step forward, CUNA has recommended the Bureau raise the threshold to at least 1,000 transfers.

In addition to raising the “normal course of business” threshold, the proposal would also establish two permanent exemptions allowing certain credit unions to continue to provide fee estimates where it could be economically infeasible for to provide exact amount disclosures.

If you are interested in submitting comments on this important proposal impacting credit unions, you can visit CUNA’s grassroots action center here.

Comments are due to the CFPB by January 21, 2020.