Members' input sought on remittance proposal

February 17, 2012

Members' input sought on remittance proposal

NAFCU is taking members' input until March 9 on a proposal that would supplement a recently finalized Consumer Financial Protection Bureau rule on international remittance transfers.

The CFPB is seeking comment on two primary issues: a potential safe harbor for institutions that facilitate remittance transfers infrequently; and the treatment of preauthorized, or recurring, transfers.

The bureau is asking for comments on whether an entity that makes fewer than 25 remittance transfers annually should be exempt from the final rule's requirements. Comments are also sought on issues related to recurring transfers, for example:

whether disclosures should be provided for each recurring transaction;
disclosure of the exchange rate for recurring transactions; and
the appropriate cancellation period for recurring transactions.

Comments are due to the CFPB April 9. For more information and NAFCU's questions for its members, see Regulatory Alert 12-EA-05 (member login required).

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