Volume 25 - Number 3
February 3, 2014
CFPB Proposes to Oversee Larger Nonbank Money Transfer Firms
The CFPB has issued a proposed rule that would allow it to supervise larger participant nonbank international money-transfer providers for the first time. The CFPBs proposed rule would subject any nonbank international money transfer provider that provides more than 1 million international money transfers annually to the bureaus supervisory authority under the agencys remittance rule, which took effect in October 2013. Under the proposal, bureau examiners would be able to examine larger nonbank international money-transfer providers...
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