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CFPB Officially Delays International Remittance Regulation

This week the Consumer Financial Protection Bureau (CFPB) officially announced in a blog post that it is delaying the effective date of its international remittance transfer rule that was set to go into effect on February 7, 2013.  The new effective date will be announced “later this year” and the new effective date will be “determined when the substantive refinements to the December 2012 Proposal are finalized.”

The Missouri Credit Union Association (MCUA) joined the Credit Union National Association (CUNA), other leagues, and credit unions to continue to advocate to the CFPB that the agency should provide more meaningful compliance relief for credit unions, and the agency should postpone the effective date of the final rule for at least 12 months from the finalization of the December 2012 proposed rule. 

CUNA appreciates the feedback and survey submissions received from credit unions and leagues regarding impact from the remittance rule.  CUNA will be sending another comment letter to the CFPB by January 30 regarding the December 2012 proposed rule that would provide more flexibility to remittance providers regarding the disclosure of foreign taxes and fees imposed by the recipient institution, as well as revise the error resolution provisions that apply when a remittance transfer is not properly delivered based on an incorrect account number provided by the consumer-sender.