WASHINGTON—Credit unions can weigh in on the CFPB’s proposed rule to amend disclosure requirements for certain remittances (international money transfers), America’s Credit Unions noted.
ACU’s latest Regulatory Comment urged credit unions to submit comments to America’s Credit Unions by Oct. 25. Comment letters sent directly to the CFPB are due by Nov. 4.
The Electronic Fund Transfer Act and Regulation E currently require remittance companies to give senders a disclosure at the time of payment, including on a receipt. This disclosure must include contact information for both state regulators and the CFPB, ACU noted.
The proposal would amend certain disclosures to clarify that consumers should contact their remittance company for issues specific to their money transfer.
Credit unions that offer remittance transfers would need to update disclosures made after the effective date but would not be required to send updated disclosures for disclosures made before that date, ACU said.