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CFPB proposes changes to international remittances

The Consumer Financial Protection Bureau (CFPB) announced it will propose changes to improve the final rule on international remittance transfers. The proposed changes come after credit unions, CUNA and state leagues asked the CFPB to look at the rules again before finalizing them. The agency expects to issue a new proposal next month to provide additional flexibility regarding three elements of its final rule:

  • errors resulting from incorrect account numbers provided by consumers;
  • disclosure of certain foreign taxes and third-party fees; and
  • disclosure of regional and local taxes.

The CFPB will extend the effective date of the final rule until 90 days after the agency finalizes the new proposal; the proposed effective date is expected sometime during the spring of 2013. The LSCU has put credit unions in front of the CFPB three times this year. In September, credit unions talked to the CFPB about the international remittance transfer rule. CUNA has also met with the agency 10 times this year. The CUNA Remittances Working Group met with CFPB Director Richard Cordray and others there on October 18.

You can read more by visiting the CFPB's official announcement.