ARTICLE
7 February 2014

CFPB Proposes Rule To Oversee Larger Nonbank International Money Transfer Providers

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A&O Shearman

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A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
On 23 January 2014, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would allow it to supervise certain non-bank international money transfer providers for the first time.
United States Finance and Banking

On 23 January 2014, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would allow it to supervise certain non-bank international money transfer providers for the first time. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) expanded the scope of the Electronic Fund Transfer Act to provide protections for consumers who send remittance transfers. These expanded protections are embodied in the CFPB's Remittance Rule, which went into effect October 2013. Under the proposed rule, CFPB examiners would be able to examine larger non-bank international money transfer providers for compliance with the Remittances Rule. Examiners would be looking to ensure that these non-banks are offering protections such as giving consumers better disclosures, giving consumers an option to cancel and correcting errors made by their agents. The proposed rule is available at: http://www.consumerfinance.gov/newsroom/cfpb-proposes-rule-to-oversee larger-nonbank-international-money-transfer-providers/.

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