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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