The CFPB has issued a final rule that will allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market. Consistent with the proposed rule, the final rule defines larger participants as those providers that engage annually in 1 million or more international money transfers. … Continue Reading
larger particpant
CFPB issues proposal to supervise “larger participant” international money transfer providers
By Keith R. Fisher on
We had been expecting the CFPB’s next “larger participant” proposal to be a rule for the auto finance market. Instead, the CFPB issued a proposed rule yesterday that would allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market. The proposal is based on the CFPB’s Dodd-Frank authority to supervise nonbank entities considered to be “a larger participant of a market for other consumer financial products or services.” … Continue Reading
CFPB announces November 14 auto finance forum
By Alan S. Kaplinsky on
Posted in Regulatory and Enforcement, Vehicle Loans
The CFPB has announced that it will hold an auto finance forum at its Washington, D.C. headquarters on November 14. The event, which will be streamed live on the CFPB’s blog, will feature remarks from CFPB Director Richard Cordray and a discussion with consumer groups, industry representatives, and members of the public. … Continue Reading