“NAFCU welcomes the extension and our members are happy to see the bureau explicitly specify that U.S. military installations located abroad are states for the purposes of the remittance rule,” Director of Regulatory Affairs Michael Coleman said.

“NAFCU and our members, however, remain concerned about the overall rule and the incredible burden it places on any credit union facilitating more than 100 remittances yearly for its members. As it stands, this rule is pushing credit unions out of the market,” he added.

Mary Dunn, CUNA senior vice president and deputy general counsel, shared a similar view.

“We don't feel that the CFPB has gone nearly far enough in providing an exemption for credit unions under the remittance law,” Dunn said on Monday during CUNA's weekly press call. “There is an exemption of a 100 transfers per year but we think this is far too small a figure.”

In announcing the extension, the CFPB said if the temporary exception expired in July 2015, current market conditions would make it impossible for insured institutions to know the exact fees and exchange rates associated with a minority of their remittance transfers.

However, the CFPB also said it is not able to authorize any extension past July 21, 2020. The bureau said financial institutions can use the additional five years to develop “reasonable ways to provide consumers with exact fees and exchange rates for all remittance disclosures.”

“It is critical that consumers can send money abroad safely,” CFPB Director Richard Cordray said. “Today's final rule will help ensure these changes are implemented smoothly and that consumers will be well-protected during that process.”