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InfoSight is an online compliance resource containing information on a wide range of topics, including the numerous laws and regulations that affect a credit union's business affairs. A link to InfoSight can be found on every Tuesday's edition of CU Weekly in the bottom right-hand corner.
Each topic contains easy-to-read compliance summaries, checklists, direct links to laws and regulations, and links to additional important resources. Credit unions are encouraged to visit the site often, as the number of topics and information posted will be updated and expanded over time. Visit InfoSight today!
CFPB: Who Pays for Remittance Transfer Mistake?
This week's InfoSight Weekly Newsletter highlights the following article:
The Consumer Financial Protection Bureau (CFPB) wants to make it perfectly clear that under its new remittance rule a remittance provider will not have to pay if an error occurs in a transaction due to incorrect or insufficient information provided by remittance requester.
The bureau has issued a "clarificatory amendment and technical correction" spelling out that its rule allows remittance providers to deduct fees and taxes related to the unsuccessful remittance transfer attempt from the total amount of funds that were provided by the sender for the transfer.
The fees and taxes would be taken from any money refunded to or re-sent by the remittance requester. The bureau in recent days also released an updated version of its small business guide for the remittance rule, and produced a video with even more information on the rule.
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. The rule has a scheduled effective date of Oct. 28.
NEW SPANISH TILA-RESPA TOOLKIT
updated 07/28/15 09:18 AM
Plus, Unclaimed Property Seminar
The Consumer Financial Protection Bureau (CFPB) has released a Spanish edition of “Your Home Loan Toolkit,” the consumer guide that is designed to replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures rule goes into effect on Oct. 3.
POLICYWORKS LEAGUE COMPLIANCE SITE
updated 07/21/15 08:59 AM
League Member-Exclusive Content
The PolicyWorks League members’ only website provides member credit unions with ongoing compliance support as benefit of League membership. The website houses a library of compliance information and communications to assist credit unions with their compliance needs.