|CUNA Seeks Contact By CUs Ceasing Remittance Services|
|Friday, 25 October 2013 06:13|
The Credit Union National Association encourages credit unions to contact the trade group immediately if they plan to stop offering international remittance services because of compliance burdens imposed by a new Consumer Financial Protection Bureau rule that goes into effect Monday.
Under CFPB rule, remittance transfer providers are required to give prepayment and receipt disclosures to the consumer-sender that include the exchange rate, certain fees and taxes associated with a transfer, and the amount of money that will be received on the other end of the transfer. Remittance transfer providers will also be required to investigate disputes and correct errors.