The Consumer Financial Protection Bureau will not consider increasing its remittance exemption above 100 transactions per year before the rule is finalized, Director Richard Cordray told listeners who tuned in to an NCUA-sponsored webinar Tuesday afternoon.
Cordray said the CFPB was required by Congress to define a remittance "normal course of business", and to go beyond 100 per year would not "be a fair reading of the law."
"We are not in the active rule-making process on that issue at this time," he said.
Cordray also said he expects the remittance rule to be finalized later this month or in March, and implemented 90 days later. So, he said, credit unions can expect to comply with the rule by May or June 2013.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
