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Thursday, January 23, 2014

CFPB Proposes Rule to Oversee Nonbank Int’l Money Transfers

The CFPB is proposing a rule that would allow the Bureau to supervise nonbank international money transfer providers that provide more than 1 million international money transfers annually. The Dodd-Frank Act extended the Electronic Fund Transfer Act to include consumers who provide remittance transfers and in October 2013, the CFPB’s Remittance Rule went into effect.

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.

Read more.

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