News & Announcements

CFPB Pushes Back Remittance Rule Effective Date

Posted on April 7, 2013

CU Times
By Heather Anderson
January 23, 2013

The Consumer Financial Protection Bureau said this week it has further delayed the effective date of its final remittance rules.

The rules were first scheduled to take effect Feb. 7, but the bureau announced in November it would delay the effective date until sometime this spring, 90 days after it finalized new amendments.

A new effective date will be announced “later this year,” the CFPB said Tuesday in a blog post, 90 days after it issues a revised final rule.

The CFPB proposed additional rules Dec. 21 that would relax requirements to disclose taxes and fees imposed by foreign governments and the recipient’s institution. The CFPB also proposed that remittance providers would not be required to bear the cost of funds that cannot be recovered when a consumer provides incorrect account numbers.

The CFPB is collecting comments regarding the proposed changes and suggestions for a new effective date through Jan. 30.

Credit unions will have the opportunity to ask CFPB Director Richard Cordray questions about the remittance rule and other topics during a Feb. 5 NCUA Town Hall webinar.

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