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Wednesday, April 2, 2014

ABA Supports CFPB Supervision for Nonbank Remittance Providers

In a comment letter, ABA said it supported the CFPB’s proposal to bring large nonbank money transmitters under its supervision.

ABA recommended an even lower threshold for CFPB supervision, lest “an important segment of the market [be left] outside comparable federal oversight.” It also urged the bureau to apply uniform terminology to supervised services.

Read the letter.

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