The Consumer Financial Protection Bureau's proposed remittance regulations could force credit unions to stopproviding the service to members, CUNA and NAFCU said in commentletters submitted this week to the CFPB.

The central issue is credit unions' use of so-called “opennetworks” like international wires and ACH, compared toorganizations that specialize in remittances and use their ownnetworks. Credit unions don't have easy access through opennetworks to all the information required to meet the regulations,wrote NAFCU President/CEO Fred Becker.

Proposed disclosures include an estimate of exchange rates andfees when a pre-scheduled transaction is originally authorized, asecond receipt 10 days before the transaction will take place, anda third and final receipt when the transfer is received.

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