WASHINGTON, DC (March 17, 2017) — NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement today on the CFPB’s proposal to assess the remittance rule.
“The bureau’s review of the rule is a welcome development, but it comes too late for credit unions that have had to cease offering this important service due to the heavy burdens associated with it,” said Hunt. “Credit unions provide cost-effective remittance services to members, and Congress recognized that when it granted credit unions the authority to provide them to nonmembers in 2006. NAFCU hopes the CFPB will exempt credit unions from the rule.”
The CFPB made changes to its remittance rule in 2013. Comments on the plan to assess the rule will be due 60 days after the request is published in the Federal Register.
NAFCU continues to engage with its members on this issue; the overwhelming majority maintain that they have been forced to stop offering remittance transfer services due to the final rule’s high regulatory burden.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
