CFPB Proposes Additional Revisions to International Remittance Transfers 

Last week, the CFPB proposed additional revisions to its international remittance transfer rule under Regulation E. The revisions would extend an exception that explicitly allows federally insured financial institutions to estimate third-party fees, as well as any exchange rate that will apply to the transfer if certain conditions are met. The CFPB is proposing to extend the temporary exception by five years from July 21, 2015 to July 21, 2020.

Conditions to qualify for the exception include:

1.     The provider is an insured depository institution or credit union;

2.     The remittance transfer is sent from the sender’s account with the provider; and

3.     The provider cannot determine the exact amounts for reasons outside of its control.

MCUL & Affiliates is in the process of drafting a request for comment on this topic.

Submissions to Monitor may be emailed. Bryan Laviolette is the editor of Monitor. Contact him by email or call (800) 262-6285, ext. 233. The newsletter of the Michigan Credit Union League is published Monday mornings or Tuesday mornings when Monday is a holiday. There is no Monitor the week after Christmas and the week after the Annual Convention and Exposition. The MCUL reserves the right to edit submissions for clarity and space.
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