Money Transmitters Win FTC Nod To Create Agent Database

Law360, New York (September 6, 2013, 2:45 PM EDT) -- The Federal Trade Commission said Friday that a plan by Western Union Financial Services Inc. and other money transmitters to create a database of agents who ran afoul of state and federal laws or contract terms wouldn't harm competition and might improve consumer protection.

The Money Services Round Table, an industry group representing money transmitters, has proposed an exchange that will contain information about former agents whose contractual relationships were terminated due to failure to comply with federal or state law or money transmitter contract terms...
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