Jan. 9, 2013 – NAFCU is encouraging members to provide the association their views on the CFPB’s recent notices on international remittances and the Credit CARD Act as the association prepares its official comment letters on both issues.
The CFPB is seeking comments on its proposed revisions to the remittance rule as well as a delay in its implementation, which had originally been set for Feb. 7. The CFPB proposes to delay the entire rule until 90 days after the proposed changes are finalized. The proposed changes address estimates of foreign tax, fees imposed by recipient institutions and non-delivery of funds due to incorrect or insufficient information provided by the sender.
NAFCU has also noted the rule’s exemption for institutions that handle no more than 100 remittances a year is insufficient and that many credit unions may opt to cease offering remittances if that doesn’t change. Comments are due to CFPB Jan. 30.
NAFCU is also asking members to provide their input by Feb. 1 on the CFPB’s request for information regarding the impact of the Credit CARD Act on the credit-card market. The bureau is required to conduct this review under the act and issued its request as part of that process. Comments are due to the CFPB Feb. 19.