Ex-NFL star sentenced to five years in prison for mortgage fraud

Ex-NFL star sentenced to five years in prison for mortgage fraud

Irving Fryar and his mother convicted of conspiring to steal $1.2M

Experian hacked: 15 million people’s credit data stolen in breach

Credit reporting agency becomes latest victim of data breach

Here's what today's job creation implosion means for housing and mortgage finance

Jobs crater, labor participation rate near 40-year low and zero wage growth
Lending / The Ticker

NAFCU responds to CFPB remittance transfer rule

transfer data

The National Association of Federal Credit Unions issued the following statement in response to the Consumer Financial Protection Bureau’s announcement Friday that it finalized its remittance transfer rule that extends a temporary reporting exception to federally insured credit unions and banks on certain international remittance transfers for another five years, to July 21, 2020.

NAFCU welcomes the extension and our members are happy to see the Bureau explicitly specify that U.S. military installations located abroad are states for the purposes of the remittance rule.” said NAFCU Director of Regulatory Affairs Michael Coleman. “NAFCU and our members, however, remain concerned about the overall rule and the incredible burden it places on any credit union facilitating more than 100 remittances yearly for its members. As it stands, this rule is pushing credit unions out of the market.

In the final rule, the CFPB establishes that transfers to individuals and accounts located on U.S. military installations located abroad, as well as transfers from individuals and their accounts located on U.S. military installations abroad to designated recipients in the United States will be excluded from the remittance rule’s application.

Recent Articles by Trey Garrison

Comments powered by Disqus