The CFPB on Tuesday announced it will extend the effective date of its remittance rule until 90 days after the bureau finalizes the proposal.
In a bulletin, the CFPB said it expects the proposed effective date will be "sometime during the Spring of 2013," rather than the original Feb. 7, 2013 effective date.
CUNA President/CEO Bill Cheney said the delay of the effective date was requested by CUNA through its comment letter, meetings and phone conferences with the CFPB. Cheney said while he is grateful for the action, he remains concerned that the CFPB did not address concerns about the exemption level, which is currently set at 100 transactions per year.
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