CFPBs Amended Remittance Transfer Rule 

The compliance deadline for the CFPB’s amended remittance transfer rule is Oct. 28. The purpose of the NCUA’s Regulatory Alert 13-RA-06 is to notify credit unions of recent changes to the remittance transfer rule and to provide a reminder of the compliance deadline. This Regulatory Alert supplements the information provided in Regulatory Alert 12-RA-04, dated October 2012.

If your credit union sends money to foreign countries on behalf of members or nonmembers, you may have to comply with the new remittance transfer provisions under Regulation E. The Regulatory Alert provides information on what types of remittance are covered, which credit unions are exempt, what the final rule requires, what credit unions should do next and what guidance is available. The Regulatory Alert can be found here.


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