If finalized, the CFPB’s proposal would extend the temporary exception until July 21, 2020.
Bureau issues final rule Tuesday without any credit union-requested changes.
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.
Bureau director tells NCUA webinar that he expects final rule this month or next, compliance to begin in May or June.
New effective date now to be announced "later this year," bureau says.
Mortgage rules expected at Baltimore meeting next week; remittance rules expected to be posted on agency website in weeks to come.
Rule limiting exemption level at 100 transactions a year still a concern.
Once the domain of Latin mom-and-pop shops, remittance services have in recent years become accessible to Hispanic and other consumers through their local credit unions.
The Consumer Financial Protection Bureau will broadcast a free 90-minute webinar at 2:30 p.m. EDT today about new remittance regulations that take effect Feb. 7, 2013.