On August 7, 2012, the CFPB updated its international money transfer rule increasing the “safe harbor” provision exempting those institutions that process less than 100 remittances a year. Bill Cheney, President and CEO of the Credit Union Nation Association (CUNA), responded to the rule stating that his organization is “very concerned that the remittance transfers final rule will impose high compliance costs and legal liabilities on credit unions.” The Independent Community Bankers of America warned that the rule will “force many community banks to no longer offer remittance services to customers.” Cheney said that the CUNA is “reviewing [its] options including appealing the rule with the Financial Stability Oversight Council (FSOC), which can overturn CFPB rules.”