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.
Deal with Boom Financial will help World Council expand mobile banking, transfer services to immigrant and unbanked families.
The Consumer Financial Protection Bureau released the final part of its new remittance rule Aug. 7, increasing the maximum number of annual transactions that qualify for safe harbor exemption to 100.
As an electrical engineer, Fred Fernandez never imagined when he was just lending a hand at Bethex Federal Credit Union that it would lead to a permanent career.