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Washington
CUNA backs remittance rule change
WASHINGTON (9/27/11)--The Credit Union National Association (CUNA) in a comment letter said it agrees with the National Credit Union Administration’s (NCUA) interim-final rule implementing Dodd-Frank Act amendments to the Federal Credit Union Act that added remittance transfers as an example of international electronic fund transfer services that may be offered to persons in a federal credit union’s field of membership. The Dodd-Frank Act, however, did not make substantive changes to authorized federal credit union business activities because federal credit unions were already authorized to provide international electronic funds transfers to persons in their field of membership. Section 1073 of the Dodd-Frank Act amended a portion of the Federal Credit Union Act to add “remittance transfers, as defined in section 919 of the Electronic Fund Transfer Act” as an example of international electronic fund transfer services that may be provided by a federal credit union to persons within its field of membership. CUNA noted that this amendment to the Federal Credit Union Act was only technical in nature, and did not have a substantive effect. For the full CUNA comment letter, use the resource link.


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