Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CFPB proposes first oversight of larger nonbank int'l money transfer providers
WASHINGTON (1/24/14)--Larger nonbank international money transfer providers would be subject to the Consumer Financial Protection Bureau's existing remittance regulations under the terms of a new proposal released Thursday.

"The CFPB's remittance rule provides strong consumer protections like better disclosures and the correction of errors," CFPB Director Richard Cordray said in a release. "Today's proposed rule would help us provide oversight across the entire market so consumers get the protections they deserve," he added.

The proposal defines a larger nonbank international money transfer provider as an entity that provides more than 1 million international money transfers annually.

Nonbank providers transfer approximately $50 billion annually through about 150 million individual international money transfers, according to CFPB estimates. The proposed rule would bring new oversight to the 25 largest nonbank money transfer firms.

The proposed rule will be open for public comment for 60 days after it is published in the Federal Register.

The CFPB's remittance rule requires transfer firms to provide prepayment and receipt disclosures to the consumer sender that include the exchange rate, certain fees and taxes associated with a transfer, and the amount of money that will be received on the other end of the transfer. Remittance transfer providers are also required to investigate disputes and correct errors.
Other Resources

Proposed CFPB Regulation
RSS print
News Now LiveWire
#NewsNow: NJ-based money services business fined for repeated #BSA violations. http://t.co/6or7wDbomL
16 minutes ago
#NewsNow: Wal-Mart to issue EMV MasterCards within next few weeks. http://t.co/9csqwhFEdB
40 minutes ago
#UMich consumer confidence index bounces back in August http://t.co/LJ1l7mk4Ty
1 hours ago
IPSOS survey: Canada's #creditunions top for member service 10th consecutive year @CanadianCentral http://t.co/dSipMd4qnz
1 hours ago
#NewsNow Home-state visits connect lawmakers, credit unions http://t.co/Ti7HdH9gFo
1 hours ago