Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA Seeks Contact By CUs Ceasing Remittance Services
WASHINGTON (10/25/13)--The Credit Union National Association encourages credit unions to contact the trade group immediately if they plan to stop offering international remittance services because of  compliance burdens imposed by a new Consumer Financial Protection Bureau rule that goes into effect Monday.
 
"If your credit union has stopped offering international remittance services because of concerns with the rule, CUNA would like to hear from you," encouraged CUNA Senior Vice President and Deputy General Counsel Mary Dunn Thursday.
 
She recommended such credit unions contact CUNA immediately at RegAdvocacy@cuna.coop.
 
Under CFPB rule, remittance transfer providers are required to give prepayment and receipt disclosures to the consumer-sender that include the exchange rate, certain fees and taxes associated with a transfer, and the amount of money that will be received on the other end of the transfer. Remittance transfer providers will also be required to investigate disputes and correct errors.
RSS





print
News Now LiveWire
.@TheNCUA recieved 2,167 comment letters on #RBC2 proposal, as of this morning. http://t.co/ijPFHItc8J
23 minutes ago
.@TheKCUA's CUlead gets close up with co-ops http://t.co/r3gxAxx4pI #NewsNow
34 minutes ago
.@NYCUAtweets in Albany today/Wed for #StateGAC
44 minutes ago
#RBC2: When is final draft on the horizon? See #NewsNow http://t.co/FoiXb48Dqh
1 hour ago
About 1 in 5 #CUs offer credit-building loans,@SchenkMike @CUNA vice president of economics and statistics, told @CreditCardsCom
16 hours ago