May 14, 2014

CFPB adds time to comment on remittance reporting

May 15, 2014 – CFPB announced Tuesday that it is extending the comment period for the proposed amendments to its international remittance transfer rule by 10 days, to June 6.

The bureau's proposed rule, originally out for a 30-day comment period that would have ended May 27, would extend a reporting exception provided to federally insured credit unions and banks on certain international remittance transfers for another five years, to July 21, 2020. The bureau is also proposing clarifications on a number of issues, including the treatment of U.S. military installations abroad, permissibility of oral disclosures, treatment of transfers from non-consumer accounts and error resolution procedures and remedies.

NAFCU has spoken in favor of an extension but has noted ongoing concerns about the current overall rule, which increases the regulatory burden and costs for any credit union facilitating more than 100 remittances yearly for members.

Earlier this month, NAFCU joined The Clearing House Association and other financial trades in urging CFPB to extend the comment period for its international remittance transfer proposal by an additional 30 days.