Cordray Addresses Remittances, Mortgage Rules at NCUA Webinar
Both NCUA Chairman Debbie Matz and Consumer Financial Protection Bureau Director Richard Cordray revealed developments in ongoing regulatory issues during a Feb. 5 webinar in which both answered questions from their credit union audience.
Cordray said that the CFPB will not consider increasing its remittance exemption above 100 transactions per year before the rule is finalized. When answering an audience question, he said the CFPB was required by the Dodd-Frank Act, in writing the remittance rule, to determine how many remittances per year would constitute a “normal course of business.” The agency determined that number to be 100 per year. To increase that threshold because credit unions don’t like the rule–not because they do less business than a ‘normal course of business’–wouldn’t jibe with Dodd-Frank’s mandate, he added.