Jan. 23, 2013 – As urged by NAFCU, the CFPB said Tuesday it is definitely going to delay implementation of its final international remittance regulation and said it will announce that date later this year.
The CFPB has three proposed revisions out for comment until Jan. 30, and the bureau says commenters can use that opportunity to also weigh in on what the effective date will be.
When it proposed to delay the measure beyond the original Feb. 7, 2013, compliance deadline, the bureau said it was looking to set the final date for the entire rule until 90 days after those changes are finalized.
NAFCU, in an official comment, urged the rule’s delay and also reiterated that the current 100-remittance threshold for exempt institutions was too low and would encourage credit unions to cease offering remittance services. NAFCU has urged raising that threshold to 600 remittances.