WESTMINSTER, Colo. (11/25/13)--System United FCU, Westminstser, Colo., has introduced several enhancements to its International SunWires System.
The new features are in compliance with Consumer Financial Protection Bureau remittance regulations, SunCorp said. Other features make the system more user-friendly and secure for credit union staff.
For credit unions subject to the new CFPB regulations, the International SunWires System ensures compliance by:
- Providing a completed member receipt/disclosure form that contains required information on exchange rates, fees, taxes, and funds availability;
- Automatically enforcing a 30-minute processing hold on verified transfers to allow for potential member cancellations and refunds; and
- Allowing users to designate transfers as either consumer or business use for determining transaction thresholds for possible CFPB compliance requirements.
Other processing enhancements include transaction templates for recurring entries and several new reporting options. User security options have also been expanded to allow credit unions to customize staff access to different functions in the system.