Volume 25 - Number 8
April 14, 2014
Financial Institutions Support Oversight of Nonbank Transmitters
Many banks and credit unions support the efforts of the CFPB to bring nonbank money-transfer operations within the scope of the bureau’s oversight. In January, the agency issued a proposed rulemaking that generally would amend the current regulation that defines larger participants of certain consumer financial products and services by adding a new section defining larger participants of the international money-transfer market. The proposal lays out the framework by which the CFPB would identify a nonbank market for international money transfers and define the “larger participants” of this market that would be subject to the CFPB’s supervisory authority. Namely, an entity would be a larger participant if it has at least one million aggregate annual international money transfers. This proposal...
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.
This biweekly keeps mortgage executives on top of the onslaught of new legal and regulatory issues the industry has been seeing.
You can purchase this article for $55.00 without subscribing and always have access to it on insidemortgagefinance.com.
Please contact Customer Service if you need assistance: 1-800-570-5744