The Consumer Financial Protection Bureau released the final part of its new remittance rule Aug. 7, increasing the maximum number of annual transactions that qualify for safe harbor exemption to 100.
The CFPB said in a release that it concluded institutions that consistently conduct 100 or fewer remittance transfers per year do not provide transfers in the "normal course of business."
While the final rule increased the previous exemption of 25 transactions per year, the number was far shy of the 1,000 transactions CUNA had requested from CFPB as an acceptable safe harbor threshold.
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