A resource for credit unions in CA & NV, providing credit union financial and economic trend analysis, brought to you by your Leagues in partnership with CUNA & Affiliates.
Answers to your crucial questions can be less than one business day away. Post your question here, and a talented compliance professional will get back to you quickly! Or if you prefer, call the PolicyWorks compliance hotline to speak directly with our knowledgeable consultants.
Compliance Hotline: (844) 731-6072
Continue for Ask PolicyWorks
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.
COMPLIANCE ROUNDUP: ALERTS, GUIDANCE
updated 10/06/15 09:09 AM
Plus, Flood Insurance Webinar
Federal credit unions can continue to make payday alternative loans (PALs) under changes to the Military Lending Act (MLA), which became effective Thursday, according to the Credit Union National Association (CUNA).
CFPB POSTS SPANISH CONSUMER BOOKLET
updated 09/28/15 02:11 PM
'Your Home Loan Toolkit'
The Consumer Financial Protection Bureau (CFPB) has posted a Spanish language version of its Home Buying Information Booklet—also known as the “special information booklet” or “settlement cost booklet”—as required under the Real Estate Settlement Procedures Act (RESPA), Regulation X, and Regulation Z.