On September 12, 2014, the Consumer Financial Protection Bureau ("CFPB") announced the adoption of a rule that would give the CFPB oversight over certain nonbank international money transfer providers for compliance with the CFPB's Remittance Rule. Under the Remittance Rule, larger nonbank international money transfer providers are required to, among other things, provide customers with certain disclosures, give customers an option to cancel after payment and hold remittance transfer providers accountable for certain types of errors.
The full text of the CFPB final rule is available at: http://files.consumerfinance.gov/f/201409_cfpb_final-rule_larger-participant-rule-internationalmoney-transfer-market.pdf
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