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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:
CUNA has asked that credit unions complete the survey by June 10.
Additionally, the Leagues have posted a TIPs Bulletin on the final remittance trasfer rule. Click here to read TIPs Bulletin 13-29.
INFOSIGHT RECENT UPDATES
updated 06/28/16 07:49 AM
Plus, CFPB Supervisory Highlights
InfoSight, a benefit of your League membership, provides instant access to compliance information, including easy-to-read compliance summaries, FAQs, checklists, and links to laws and regulations. Some recent updates are highlighted below:
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updated 06/21/16 08:04 AM
CFPB Adjusts Annual Thresholds
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