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 48,000-member, $564 million Self-Help FCU is an arm of Self-Help CU in Durham, N.C., and has branches in both California and Illinois, all of which offer remittance services.
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