MCUA Submits Comments on CFPB International Remittance Transfers Rule
The Missouri Credit Union Association (MCUA) submitted its comment letter on the Consumer Financial Protection Bureau's (CFPB) latest international remittance transfers proposed rule on Friday, June 6.
In general, MCUA is supportive of the proposed extension to the temporary exception that permits certain estimated disclosures under the remittance rule as far as it goes. Credit unions offer remittances in a number of cases, as an accommodation for their members and estimated disclosures can be helpful for open-network transfers that utilize third-party institutions to reach foreign countries. However, MCUA remains very concerned that credit unions have reduced or eliminated international remittance transfer services in light of the rule generally.
The latest Credit Union National Association (CUNA) survey results from June 2014 demonstrate credit unions’ ongoing compliance concerns. MCUA urges an exemption level well over the 100 transfers per year that the rule currently provides.