5 things the bureau can do now to help CUs

by NAFCU Newsroom

NAFCU has put together a list of five top items that the Bureau of Consumer Financial Protection (previously known as the CFPB) can do to provide immediate and much-needed regulatory relief to the credit union industry.

While NAFCU is advocating for more than just these items, these five credit union concerns can easily be addressed now without legislation. They include:

1. Remittance relief

Since 2013, when the bureau made changes to its remittance rule, NAFCU has been concerned about the rule’s highly burdensome compliance costs for credit unions.

Responding to the bureau’s assessment of the rule last year, NAFCU asked that credit unions be exempted from the rule. “Numerous credit unions have been forced to stop offering remittance transfer services because the compliance burden is simply too high … With fewer credit unions continuing to provide such services, consumers’ options and ability to shop are severely limited,” NAFCU wrote to the bureau. Last year, the bureau said it would issue its assessment report by Oct. 28.

 

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