On October 28, 2013, the Consumer Financial Protection Bureau's (CFPB) regulation governing international remittances goes into effect. The rule applies to banks, credit unions, and money transmitters that offer international transfers to consumers. However, it does not apply to companies that consistently provide 100 or fewer remittance transfers each year, nor does it apply to transactions under $15.
As of June 2013, there were 1,290 credit unions that originated at least one international remittance during the first six months of 2013. Half of these 1,290 credit unions originated 17 or less international remittances during the first half of 2013.
There are 374 credit unions that as of mid-year are on the pace of originating more than 100 international remittances this year and thus would be subject to the CFPB's regulation.
The average asset size of a credit union that would be subject to the CFPB remittance rule is $1.4 billion. However, half of the credit unions have less than $743 million in assets. Thirty-six credit unions have less than $100 million in assets.
The table below list the 25 credit unions that reported the most international remittances originated year-to-date, as of June 2013. (Click on image to enlarge) Three credit unions originated more than 1 million international remittances -- America First (UT), First Entertainment (CA), and CFCU Community (NY).
No comments:
Post a Comment