U.S. Regulators to Scrutinize Big Non-Bank Money Transfer Firms

January 23, 2014
The Consumer Financial Protection Bureau, which already has the power to examine banks and credit unions that offer global money transfers, is now looking to extend that authority to large non-bank remittance firms. Western Union and MoneyGram International would be among the 25 or so largest providers covered by the proposed oversight.

According to the CFPB, the move would position it to examine larger money transfer entities to ensure their compliance with new remittance rules that took effect in 2013. Those rules compel providers to disclose fees and exchange rates, correct errors, and give consumers 30 minutes to void a transaction.

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