02.05.2014
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02.05.2014
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Updates
On Thursday, January 23, 2014, the Consumer Financial Protection Bureau (the "CFPB") proposed a rule to allow oversight of larger nonbank international money transfer providers for compliance with the CFPB's October 2013 "Remittance Rule," which is designed to protect consumers sending money abroad. The rule is proposed under the authority of Section 1024 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act").
Although the CFPB already has the authority to oversee compliance with the Remittance Rule of the largest banks and credit unions, this proposed rule would allow oversight of larger nonbank international money transfer providers for the first time. The CFPB would monitor these larger nonbank international money transfer providers for compliance with certain consumer protections such as:
© Perkins Coie LLP 2014
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