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CFPB Reg Threatens to Kill CU Transfer Remittances

The Consumer Financial Protection Bureaus proposed remittance regulations could force credit unions to stop providing the service, said CUNA and NAFCU in letters submitted to CFPB Executive Secretary Monica Jackson.

By Heather Anderson | Updated on April 15, 2012

The Consumer Financial Protection Bureau’s proposed remittance regulations could force credit unions to stop providing the service, said CUNA and NAFCU in  letters submitted to CFPB Executive Secretary Monica Jackson.

The central issue is credit unions’ use of so-called “open networks” like international wires and ACH, because the cooperatives don’t have easy access to all the information required to meet new disclosure requirements, wrote NAFCU President/CEO Fred Becker.

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