💵CFPB Considers Changes to International Money Transfer Regulations
Defining Larger Participants of the International Money Transfer Market
Summary
The Consumer Financial Protection Bureau (CFPB or Bureau) is seeking information to assist it in considering whether to propose a rule to amend the test to define larger participants in the international money transfer market established by the Bureau's Defining Larger Participants of the International Money Transfer Market Final Rule published on September 9, 2014 (International Money Transfer Larger Participant Rule or 2014 Rule).
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
The CFPB is considering raising the threshold defining larger participants in the international money transfer market, which could significantly affect compliance requirements and administrative burdens for nonbank financial entities, especially smaller providers. This could lead to reduced regulatory oversight and costs for those entities meeting higher thresholds.