CUNA responds to the CFPB finalized rule on remittances, raising threshold to 500
WASHINGTON, DC (May 11, 2020) — Credit Union National Association (CUNA) President/CEO Jim Nussle released the following statement after the Consumer Financial Protection Bureau (CFPB) issued its final rule on remittances which would raise the normal course of business threshold to 500 remittance transfers per year, up from the current 100. The rule, effective on July 21, 2020, comes after advocacy efforts from CUNA and the Leagues and their engagement with the CFPB.
“The CFPB’s final remittances rule will help credit union members access safe and affordable remittance services from their credit union. We appreciate the CFPB for having given consideration to the concerns we expressed during the rulemaking process and making changes to the final rule,” Nussle said. “While we continue to believe an even higher exemption threshold is appropriate, this rule should result in more options for consumers which is always important, but even more so during the COVID-19 pandemic.”
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
