Missouri credit unions have an opportunity to weigh in on the Consumer Financial Protection Bureau’s (CFPB) final rule on international remittance transfers. CFPB Director Richard Cordray has asked the Credit Union National Association (CUNA) to assemble a working group that will meet with him in-person to discuss the rule and its impact on credit unions.
To better gauge credit union impact and to organize that working group, CUNA has created a Survey on International Remittances. Any credit union that provides these services is asked to review it and provide your responses as soon as possible. The survey is due by Thursday, September 6.
The coverage of such transfers under the rule is broad, so the rule’s definition of international remittance transfers is included in the survey. Contact information is requested so CUNA can follow up with credit union respondents to organize the working group, which will involve an in-person meeting with Director Cordray and staff. This meeting is scheduled to take place in September.