WASHINGTON—CUNA is encouraging credit unions to submit comments on the Consumer Financial Protection Bureau’s proposal to raise the safe harbor thresholds for its remittance rule by today’s Jan. 21 deadline. The trade group said credit unions can use its Grassroots Action Center to submit comments to the CFPB.
The CFPB finalized its remittance rule in February 2012, and after a mandatory rule assessment last year is proposing to increase the “normal course of business” safe harbor threshold from 100 to 500 transfers annually.
In addition, the CFPB is also proposing changes to the rule to mitigate the effects of the expiration of the statutory “fee estimates exception” that allows insured institutions to disclose estimates instead of exact amounts to consumers. That exception expires on July 21.
CUNA said it generally supports the CFPB’s proposal, but has called for the threshold to be raised to at least 1,000 and for the CFPB to explore several revisions and additions to the proposed rule.