WASHINGTON—The CFPB will accept public comments on its plan to assess its remittance rule until May 22, according to a Bureau notice in the Federal Register.
The CFPB says it plans to issue an assessment report on the rule no later than Oct. 28, 2018.
NAFCU said it welcomes the Bureau's decision, announced this month, to assess the rule, which is part of Regulation E (the Electronic Fund Transfer Act). The association has raised concerns about the rule's highly burdensome compliance costs for credit unions.
NAFCU said it 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 trade association explained.
A recent CUNA member survey showed that over half (55%) of credit unions that have offered international remittances sometime during the past five years have either cut back (27%) or stopped offering them (28%), primarily due to burden from CFPB regulations.
Keith Stone, president and CEO of The Finest Federal Credit Union in New York, N.Y., discussed the difficulties of remittance compliance with Rep. Nydia Velázquez (D-NY), during his appearance before a House subcommittee last week on behalf of NAFCU.
The CFPB is also expected to publish a five-year assessment plan of its qualified mortgage rule this year, NAFCU noted.