The Consumer Financial Protection Bureau said this week it hasfurther delayed the effective date of its final remittancerules.
|The rules were first scheduled to take effect Feb. 7, but thebureau announced in November it would delay the effective date untilsometime this spring, 90 days after it finalized newamendments.
|A new effective date will be announced “later this year,” theCFPB said Tuesday in a blog post, 90 days after it issues a revisedfinal rule.
|The CFPB proposed additional rules Dec. 21 that would relax requirementsto disclose taxes and fees imposed by foreign governments and therecipient's institution. The CFPB also proposed that remittanceproviders would not be required to bear the cost of funds thatcannot be recovered when a consumer provides incorrect accountnumbers.
|The CFPB is collecting comments regarding the proposed changesand suggestions for a new effective date through Jan. 30.
|Credit unions will have the opportunity to ask CFPB DirectorRichard Cordray questions about the remittance rule and othertopics during a Feb. 5 NCUA Town Hall webinar.
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