Sept. 28, 2012 – Requirements of a final rule on international remittances, which takes effect next February, will be explained during a free Oct. 16 webinar by the Consumer Financial Protection Bureau.
The webinar will go over changes the CFPB made to Regulation E, which implements the Electronic Funds Transfer Act, to conform federal remittance regulations with the Dodd-Frank Act.
NAFCU has been in an ongoing dialogue with CFPB Director Richard Cordray and other bureau representatives regarding the rule’s impact on credit unions. The rule exempts institutions from new procedural and disclosure requirements for institutions that do not offer remittances in the ordinary course of business. The CFPB has defined this to generally cover those institutions facilitating up to 100 remittances a year. NAFCU has warned many credit unions have indicated they will likely drop the service altogether if that exemption isn’t expanded.
The CFPB says the webinar is aimed at informing money transmitters, banks, credit unions and other companies that send money abroad for consumers, as well as other organizations that work with or represent consumers who send money abroad. Agents, software providers, foreign banks and others involved in international funds transfers from the United States may also be interested, it says.
NAFCU plans to participate in this webinar. To participate, interested parties should send an RSVP to CFPB_RemittanceRule@cfpb.gov by Oct. 9. Any questions for presenters should be submitted to the same email address by Oct. 5.
The webinar will begin at 2:30 p.m. Eastern.