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Bureau should adopt broad nonbank remittance rule, associations say
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Banking, Consumer Protection, Nonbank Financial
Monday, April 7, 2014
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Consumer advocates and associations representing depository institutions urged the Consumer Financial Protection Bureau to expand the scope of a rule proposal that seeks to place larger nonbank international money transfer providers under federal oversight. Under the bureau’s proposal, a nonbank would be considered a “larger participant” subject to CFPB oversight if it has at least one million aggregate annual international money transfers. Read on to learn why some groups think that threshold should be lowered.
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