WASHINGTON – CUNA said it is pressing the Consumer Financial Protection Bureau to clarify its recent rule on remittances that exempts institutions with 100 or fewer remittance transactions per year from the regulation.
CUNA Deputy General Counsel Mary Dunn said about 80% of credit unions are exempt from the rule, but CUNA wants more guidance on how CFPB is defining what constitutes a remittance transactions.
“CFPB was very active last week,” Dunn said, noting the bureau also issued a proposed rule on mortgage servicing that will affect a number of credit unions. The proposal calls for periodic statements and earlier warnings when an ARM rate is about to change. It also includes a provision requiring mortgage lenders to make staff available to help customers/members when foreclosure is imminent.