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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 ďlarger participantsĒ final rules, this one asserting the bureauís regulatory authority over larger nonbank providers of international money transfers, otherwise known as remittances. The CFPB said the new rule Ė largely unchanged from the proposed rule released in January Ė will help ensure that such providers are complying with the bureauís 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 bureauís 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 ...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.


No. It’s still difficult compliance/regulatory-wise.


Maybe. It’s under consideration.


Not now. But things could change as 2018 progresses.