Cordray: CFPB Will Not Increase Exemption in Final Remittance Rule
The Consumer Financial Protection Bureau will not consider increasing its remittance exemption above 100 transactions per year before the rule is finalized, Director Richard Cordray told listeners who tuned in to an NCUA-sponsored webinar Tuesday afternoon.
Cordray said the CFPB was required by Congress to define a remittance “normal course of business”, and to go beyond 100 per year would not “be a fair reading of the law.”
“We are not in the active rule-making process on that issue at this time,” he said.
Cordray also said he expects the remittance rule to be finalized later this month or in March, and implemented 90 days later. So, he said, credit unions can expect to comply with the rule by May or June 2013.