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January 12, 2013

Input needed by Friday on remittance rule

NAFCU is looking for input from its members by Jan. 18 on the CFPB's proposed revisions toits international remittance regulation.

Under the CFPB proposal, the entire regulation would be delayed to 90 days after the proposed revisions are finalized. (This means credit unions do not have to comply by Feb. 7, the original effective date.) The proposal makes revisions addressing disclosures of foreign taxes, fees imposed by recipient institutions and incorrect or insufficient information from the sender.

NAFCU will use members' input in formulating its official comment to CFPB. The bureau is accepting comments until Jan. 30.

Feb. 1 is the deadline for members' input to NAFCU's official comments on the CFPB's request for information regarding the impact of the Credit CARD Act on the credit card market; and the CFPB's Project Catalyst policy proposal for encouraging trial disclosure programs. The deadlines for comments to the CFPB are Feb. 15 for the trial disclosure proposal and Feb. 19 on the CARD Act information request.

For details and questions for comment, read NAFCU's Regulatory Alerts (login required).

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