CFPB Proposes Extension of the Use of Estimates on Remittance Transfer Disclosures

The Consumer Financial Protection Bureau has released a proposed rule that would extend a temporary provision that allows credit unions to use estimates for certain fees on remittance transfer pricing disclosures. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “Which logo do I use: Equal Housing Opportunity, or Equal Housing Lender?”

World Council Partners with Boom Financial to Reach Unbanked Immigrants in U.S., Haiti

The World Council of Credit Unions has partnered with Boom Financial to offer an international mobile remittance solution for immigrant workers and their families, many of whom are unbanked.

Legal Briefs

Your weekly update on the regulatory landscape.

CFPB Launches Campaign to Inform Consumers about New Remittance Transfer Protections

The Consumer Financial Protection Bureau is launching a nationwide multimedia campaign to inform consumers who send money internationally about new protections they have under the Remittance Transfer Rules. The campaign includes a free webinar on Nov. 14.

CFPB Publishes Examination Procedures for Remittance Transfers

The Consumer Financial Protection Bureau has published its Examination Procedures for Remittance Transfers, which go into effect on Oct. 28. The CFPB only has direct examination oversight for financial institutions with more than $10 Billion in assets, but other regulators may look to these procedures when performing their own examinations.

NCUA Releases Regulatory Alert to Remind Credit Unions of Remittance Transfer Requirements

The regulatory alert reminds credit unions of recent major changes to the Consumer Financial Protection Bureau’s remittance transfer rule, and also serves to remind credit unions of the Oct. 28, 2013, compliance date.

CFPB Remittance Rule Improved, but Still a Disappointment to Some NW Credit Unions

The Consumer Financial Protection Bureau’s final remittance transfer rule takes effect October 28. The rule was delayed for eight months after credit unions requested more weigh in with the regulator. The NWCUA and Northwest credit unions did offer comments and while some relief was granted, the outcome isn’t all credit unions hoped for.

House Subcommittee Hears Credit Union Regulatory Burden Issues

Credit unions leveraged a rare opportunity to share details about the regulatory burden during a Congressional hearing yesterday. The hearing sets the stage for a regulatory relief bill.

CFPB Issues Proposals to Remittance Transfer Rule

The CFPB is seeking comment on four proposed changes to the Remittance Transfer Rule, all of which are considered beneficial to financial institutions that will continue offering remittance transfer services.

CFPB Delays Remittance Transfer Rule Based on Feedback, but Some Damage Already Done

The CFPB agreed last week to delay implementation of the international remittance transfer rule and to address certain concerning elements, but the Federal Home Loan Bank of New York has already indicated that it will stop processing international wire transfers at year’s end.

CFPB Releases Small-entity Compliance Guide for Remittance Transfers

The CFPB has released a small-business compliance guide highlighting issues that businesses—especially small businesses and those that work with them—should consider while implementing the new remittance transfer requirements.

What I Learned at Compliance School

NWCUA Director of Compliance Services David Curtis reflects on his week spent at “The Happiest Place on Earth” for Compliance School. Did you know remittance transfer disclosures must be in at least 8-point font?

CFPB Establishes Safe Harbor to Remittance Disclosures

In an amendment to Reg E, the CFPB concluded that institutions that conduct 100 or fewer remittance transfers per year—which includes roughly 80 percent of credit unions—should be exempt from remittance transfer requirements.

NWCUA Regulatory Advocacy Update: Association Comments on Use of Derivatives and Remittance Transfers

The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement. Included here are updates on the NCUA, CFPB and upcoming comment deadlines.

Compliance Question of the Week

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

New Disclosures to be Required in International Transfers

The CFPB recently adopted new protections for consumers who transfer money internationally, now requiring up-front disclosure of exchange rates and fees.

Legal Briefs

Your update on the regulatory landscape.

Legal Briefs

Your update on the regulatory landscape.