Remittance Transfer Rules Apply to Most Credit Unions
When the final remittance transfer rule amending Regulation E was released by the Consumer Financial Protection Bureau in February, many credit unions assumed it did not apply to their institutions. In fact, the rule may apply to most credit unions, as it governs all outgoing international wire transfers and international ACH transactions.
It’s not unusual for a reader to want to skip over the definitions portion of a newly published rule. For this regulation, however, it’s incredibly important that credit unions not pass over the definitions. They hold the answer to whether or not a particular credit union is subject to enforcement of the rule, which governs the type and the timing of the disclosures a credit union must provide to members using its remittance transfer services.