Few credit unions are subject to the CFPB's rule on remittances because most do not issue more than 100 remittances each year, the bureau said in a new study.
Fewer than 25% of the credit unions that offer remittance services offer 100 or more remittances each year—the threshold necessary to have to comply with the agency rule.
Still, credit union trade groups have complained to Congress and the CFPB about the cost of complying with the rule.
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