White Paper, RISK Alert and Webinars Among Resources to Help Navigate Reg E Changes
MADISON, Wis. – CUNA Mutual Group is offering a myriad of no-cost tools, including a white paper, webinars and other alerts to help credit unions comply with final rules amending Regulation E related to remittance transfers.
Released Aug. 7, by the Consumer Financial Protection Bureau (CFPB), the new rules modify those published by the bureau Feb. 7. New remittance transfer requirements were brought about by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The CFPB’s intent is to provide new protections, including disclosures, error resolution and cancellation rights, to consumers who send remittance transfers exceeding $15 to consumers or businesses in a foreign country. These include electronic transfer of funds via international wire transfers, electronic bill pay and ACH transactions.
The latest final rule further clarifies the definition of a remittance transfer provider as an individual or business that conducts more than 100 such transactions during a calendar year, which is an increase from the threshold of 25 proposed by the CFPB in February. Credit unions conducting 100 or fewer remittance transfers per year will not be affected by the rules, while those transacting more than 100 must be in compliance with the new requirements by Feb. 7, 2013.
The new regulations have implications to CUNA Mutual Group’s Lending and Credit Union Protection product areas. The company is taking steps to ensure its products evolve to meet these new regulations and the needs of credit union customers. Within Lending, LOANLINER® document solutions is helping credit unions comply, while Credit Union Protection is providing guidance to help credit unions avoid class-action lawsuits similar to those involving noncompliant ATM fee notifications under Reg E.
To access the available resources from CUNA Mutual Group, use the links within the following bullets, or go to www.cunamutual.com/fundstransfer.
- White paper – “Remittance Transfer Rules Under Regulation E”: An exclusive for CUNA Mutual Group Fidelity Bond policyholders, the white paper provides an overview of remittance transfers. Q&As on impacts to Bond-related insurance implications and insurance coverage are provided at the end of the white paper.
- “New Remittance Transfer Requirements” webinar registration: Scheduled for Aug. 23 and Sept. 12, these webinars will help credit unions understand the impact of the remittance transfers regulations and how to comply. (Note: The Aug. 23 webinar was recorded and is available for viewing. Registration for the Sept. 12 webinar is still available.
- “Staying in Compliance” webinar registration: This Sept. 19 webinar hosted by Credit Union Protection will include a brief overview of risk and insurance issues regarding the new remittance transfer rules.
- Compliance Alert: Released Aug. 9 by the Lending Resource Center
- RISK Alert: This alert was released Aug. 13 by the Protection Resource Center for Bond policyholders.
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s website at www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wisconsin.