Tag: Remittance Rule

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The CFPB Defines Foreign Remittance Transfer “Larger Participants”

The CFPB Defines Foreign Remittance Transfer “Larger Participants”

By: David L. Beam, Christopher G. Smith

The Dodd-Frank Act provided the CFPB with examination authority over, among others, “larger participants” of consumer financial product and service markets. Almost three years ago, the CFPB issued an Advance Notice of Proposed Rulemaking targeting various industries whose larger participants it was eyeing for regular examination, including money transmission. In January 2014, the CFPB issued a proposed larger participants rule for a subset of money transmitters – those engaged in foreign remittances. Read More

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