CFPB Doubles Remittance Compliance Time
The Consumer Financial Protection Bureau released its final remittance rule April 28 and gave providers six months to comply, setting an Oct. 28 effective date. The bureau had originally proposed a 90-day compliance window following its release of the final rule.
That’s good news for credit unions that have to create required disclosure forms and train staff, said CUNA Mutual Compliance Manager Lauren Capitini. However, she said, credit unions should have already researched their remittance services and have developed a game plan, as the original proposed rule was introduced more than a year ago.