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.  The

On July 3rd, the CFPB released a Report on the Use of Remittance Histories in Credit Scoring (the “Report”). Section 1073(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFPB Director to study the feasibility of and impediments to using remittance transfer information (i.e., information regarding electronic

The CFPB has extended the comment period on its proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances and to make several other changes and technical corrections to the rule.  Absent the five year extension, the

The CFPB has issued a proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances.  The proposal also includes “several clarificatory amendments and technical corrections” to the rule and commentary. 

The CFPB’s remittance transfer rule implements Section

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

The CFPB has announced that it will be conducting a webinar on the remittance transfer rule on Thursday, November 14, 2013  from 2:30 to 3:30 p.m. ET.  Instructions for joining the webinar can be obtained by contacting the CFPB at financialeducation@cfpb.gov

On November 22, 2013, Ballard Spahr will be conducting a webinar entitled “Getting

The CFPB’ s new remittance transfer rule became effective on October 28 and to mark the occasion, the CFPB announced the launch of a nationwide multimedia campaign directed at consumers. 

The campaign includes the CFPB’s provision of posters and other printed materials to community groups, immigrant organizations, consulates, and other government agencies.  Those materials include

The CFPB has updated its small business guide on the remittance transfer rule to reflect the changes to the rule that were made this past May dealing with the scope of the error resolution procedures, disclosure of recipient institution fees and disclosure of foreign taxes or other third-party taxes.  (For a summary of the changes,