CFPB headquarters in Washington, D.C. CFPB headquarters in Washington, D.C. (Source: Shutterstock)

The CFPB on Tuesday proposed to continue to allow certain banks and credit unions to estimate fees and exchange rates for remittances and proposed increasing the “safe harbor” for financial institutions making few transfers each year.

In a notice of proposed rulemaking, the agency suggested that financial institutions making fewer than 500 remittances a year be exempt from compliance. The current threshold is 100 remittances.

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David Baumann

 

Credit Union Times

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