A credit union president whose members make about 18,000 remittance transactions per year has praised the Consumer Financial Protection Bureau's new regulations over the trade.
“CFPB demonstrated flexibility to ensure that smaller financial institutions such as ours can comply with the rule. We’re glad CFPB’s rules let all responsible providers compete in terms of price and service,” said Steve Zuckerman, president of the California-based Self-Help Federal Credit Union. “That translates into lower costs and increased protections for customers.”
The deadline for meeting the new rules was Oct. 28.