Larger nonbank international money transfer providers would face federal regulatory scrutiny under rules proposed by the Consumer Financial Protection Bureau (CFPB). The proposal, released by the CFPB on Jan. 23, would designate certain nonbank remittance providers as “larger participants” subject to CFPB oversight and new rules that provide protections for consumers who send money abroad.
Comments on the proposal are due 60 days after publication in the Federal Register, which is expected shortly.