CFPB gathering feedback on remittance rule

CFPB gathering feedback on remittance rule

first_img continue reading » The CFPB has issued a request for information (RFI) on its remittance rule – a positive sign for the industry as the bureau considers possible changes to the rule. NAFCU has long expressed concerns about the rule’s highly burdensome compliance costs and urged the bureau to exempt credit unions from the rule.“NAFCU has long argued that credit unions should be exempt from all CFPB rulemakings, including its remittance rule,” said NAFCU President and CEO Dan Berger. “The remittance rule imposes overbearing compliance costs, which have effectively prevented many credit unions from providing assistance to consumers in need.“The rule, as it stands, pushes countless consumers away from credit unions and into the waiting arms of shady, fly-by-night entities that may do consumers harm. We appreciate the CFPB’s commitment to reviewing the rule, and we look forward to continuing to work with them throughout the process,” Berger added. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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