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News Now

Washington
CUNA seeks comment on recent remittance changes
WASHINGTON (1/3/13)--The Consumer Financial Protection Bureau (CFPB) late last month unveiled a series of revisions to its still-pending remittance regulation proposal, and the Credit Union National Association (CUNA) is seeking credit union comment on these changes through a new online survey and a comment call.

The recent remittance rule revisions are slight tweaks to CFPB-proposed remittance regulations.

The CFPB said the revisions would:
  • Provide increased flexibility and guidance with respect to the disclosure of taxes imposed by a foreign country's central government as well as fees imposed by a recipient's institution for receiving a remittance transfer in an account;
  • Require disclosure of foreign taxes imposed by a country's central government, but eliminate a previous requirement to disclose taxes imposed by foreign regional, provincial, state, or other local governments; and
  • Extend the remittance rule implementation period until 90 days after the revised final rule is released. The rule was scheduled to come into effect on Feb. 7.
These changes were among the revisions urged by CUNA in several meetings with the bureau.

The CUNA survey and comment call follow up a September CUNA release that sought comment on the broader CFPB remittance proposal. Deputy General Counsel Mary Dunn said CUNA took the unusual step of releasing a second comment call and survey due to the tight comment deadline the CFPB has imposed.

The agency is accepting comment on the remittance implementation period changes until until Jan. 15, and is accepting comment on the broader CFPB revisions until Jan. 30.

CUNA has asked credit unions to complete the remittance survey and respond to the Comment Call by Jan. 22. CUNA asks for comment on the delayed effective date by Jan. 11.

For the remittance survey and comment call, use the resource links.
Other Resources

CUNA Survey
CUNA Comment Call
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