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The CFPB will accept public comments on its plan to assess its remittance rule until May 23, according to a bureau notice in today's Federal Register.

The CFPB says it plans to issue an assessment report on the rule no later than Oct. 28, 2018.

NAFCU welcomed the bureau's decision, announced last week, to assess the rule, which is part of Regulation E (the Electronic Fund Transfer Act). The association has raised concerns about the rule's highly burdensome compliance costs for credit unions.

NAFCU continues to engage with its members on this issue; the overwhelming majority maintain that they have been forced to stop offering remittance transfer services due to the final rule's high regulatory burden.

Keith Stone, president and CEO of The Finest Federal Credit Union in New York, N.Y., discussed the difficulties of remittance compliance with Rep. Nydia Velázquez, D-N.Y., during his appearance before a House subcommittee Tuesday on behalf of NAFCU.

The CFPB is also expected to publish a five-year assessment plan of its qualified mortgage rule this year.