Proposed extension allowing estimated fee disclosures won't make remittance compliance any easier.
Regulatory changes from Dodd-Frank outlined on agency Consumer Protection Update site.
Rules took effect Monday and Self-Help FCU sees benefits.
This Opinion piece looks at new disclosure requirements for international electronic transfers as the new remittance rules draw near.
Credit reporting agencies and the ability to filter complaints by state also added to bureau offering.
Last month, the U.S. Senate introduced an immigration reform bill that proposed a complete overhaul to the country’s immigration system. Although a vote is likely several months away, credit union leaders would do well to begin paying attewwwwntion now as passage of immigration reform will undoubtedly impact them.
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.
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.