Advanced Search

Volume 25 - Number 19

September 15, 2014

CFPB Issues Final Rule for ‘Larger Participants’ in Remittances Sector

Late last week, the CFPB issued one of its “larger participants” final rules, this one asserting the bureau’s regulatory authority over larger nonbank providers of international money transfers, otherwise known as remittances. The CFPB said the new rule – largely unchanged from the proposed rule released in January – will help ensure that such providers are complying with the bureau’s existing protections for consumers sending money abroad. Under the final rule, as of Dec. 1, 2014, examiners from the bureau will be able to scrutinize larger nonbank international money transfer providers for compliance with the bureau’s original remittances rule, which was issued back in October 2013. At the top of the list are tougher disclosures. Under federal law, remittance transfer providers generally ...

Subscribers to Inside the CFPB have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.

Subscriber Log In

If you are a current subscriber or already purchased this article, please login below.

Forgot your password?

Already subscribe but haven't registered for all the benefits of the website?

Subscribe

This biweekly keeps mortgage executives on top of the onslaught of new legal and regulatory issues the industry has been seeing.

 

Pay-Per-View

You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.

Pay Per View

Please contact Customer Service if you need assistance: 1-800-570-5744

Poll

In 2016, what have you been paying your retail residential loan officers, on average, as a commission?

25 to 50 basis points per loan
51 to 75 bps
76 to 100 bps
101 to 150 bps
More than 150 bps
We’re a call center lender and don’t disclose that data point.

vote to see results
Housing Pulse