Under the new proposal, the CFPB would have the authority to examine larger nonbank international money transfer providers for compliance with the Remittance Rule. The examiners would inspect these large nonbanks based on:
- Their disclosure of information regarding the exchange rate, fees, the amount of money that will be transferred and the date the money will be available;
- The option to cancel the transfer; and
- Correction of errors made by the providers and their agents.
The Dodd-Frank Act gave the CFPB authority to supervise “larger participants” in consumer financial markets.