• Service: Advisory, Risk Consulting, Financial Risk Management
  • Industry: Banking & Capital Markets
  • Date: 2/19/2014

Regulatory Practice Letter #14-05 | February 17, 2014 

The Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule on January 23, 2014 that would amend its regulations defining larger participants of certain markets for consumer financial products and services to add a new section defining larger participants of the market for international money transfers.
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As proposed, any nonbank provider of international money transfers that, together with its affiliated companies, conducts at least one million international money transfers annually would be subject to the CFPB’s supervisory authority. The CFPB estimates approximately 25 nonbank international money transfer providers would meet the proposed threshold and cover about 90 percent of nonbank international money transfers.


The CFPB will accept comments on the

proposal until April 1, 2014.