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CUNA WOCCU meet with Fed on Dodd-Frank burdens
WASHINGTON (10/20/10)--Representatives from the Credit Union National Association (CUNA) and the World Council of Credit Unions (WOCCU) recently met with the Federal Reserve to address credit union-specific issues regarding the remittance transfer provisions in the recently passed Dodd-Frank financial regulatory reform, such as WOCCU's IRnet remittances program, credit union international wire transfer and ACH operations, consumer protection, and credit union regulatory burden concerns. Portions of the Dodd-Frank legislation would require money transfer companies, banks, and credit unions that conduct what the law calls "remittance transfers" -- which are broadly defined by the law to include most consumer cross-border electronic fund transfers not involving plastic cards -- to provide consumers with certain disclosures regarding exchange rates and fees. The law also requires the Fed to establish regulations concerning error resolutions and similar consumer protections. Congress intended to exempt transactions that are initiated from deposit accounts at federally-insured credit unions from many aspects of these rules regarding disclosure of exact exchange rates, fees, and so forth for at least five years. International transfers in which recipient nations do not legally allow, or the method by which transfers are made in the recipient country do not allow, the amount of currency that will be received -- presumably including most, if not all, international wire transfers and ACH transactions -- would also likely be exempted to some degree. “How these exemptions operate in practice, however, will largely depend to the details of the proposed rule issued by the Fed,” CUNA Counsel for Special Projects Michael Edwards said. The Fed “is likely to issue these proposed regulations in mid- to late-spring of 2011,” Edwards added.


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