CFPB Proposes Extending Remittance Rule To Nonbanks

Law360, Washington (January 23, 2014, 6:08 PM EST) -- The Consumer Financial Protection Bureau has issued a proposed rule extending its supervisory authority over international money transfers to larger nonbank transfer providers in addition to banks, in an effort to better oversee the market, it announced Thursday.

Under the terms of the proposal, issued under the regulator's Dodd-Frank Act-mandated authority to supervise “larger participants” in consumer financial markets, all nonbank international money transfer providers that conduct more than 1 million international transfers each year would be subject to CFPB supervision for consumer transfers, under the...
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