Compliance Question of the Week

Under the remittance transfer rules, how long does a member have to cancel a remittance transfer?

A sender may provide either an oral or written request to cancel a remittance transfer no later than 30 minutes from payment in connection with the remittance transfer, provided that the provider could identify the particular transfer and the transferred funds had not been received or deposited into the recipient’s account.

Interested in learning more?

An upcoming training opportunity through the Northwest Credit Union Association (NWCUA) will address similar issues in greater depth. At the Legal Update Seminar on May 15 in Tigard, Ore., industry experts will provide insight and analysis on current legal issues for credit unions, including the latest in the onslaught of lending regulation changes, the most recent proposed National Credit Union Administration (NCUA) regulations, and the newest wave of litigations on anticipated lending changes.

This one-day seminar will offer a morning regulation round-up and an in-depth analysis in the afternoon on one key area that will affect your credit union. Registration information is available on the NWCUA’s website.

 

Questions about remittance transfer rules? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Questions about the Legal Update Seminar? Questions? Contact Training Programs Coordinator Yuri Jung: 206.340.4817, yjung@nwcua.org.

Posted in Compliance.