Late last month, the Consumer Financial Protection Bureau (CFPB) issued a new Consumer Financial Protection Circular (Circular) which provides guidance about when a remittance transfer provider may be in violation of the...more
On March 27, the CFPB issued Circular 2024-02, which warns that remittance providers may be liable under the CFPA for certain deceptive marketing practices related to the speed or cost of sending a remittance transfer. Under...more
On October 17, 2023, the CFPB took action against a nonbank fintech Company providing international money transfer services for alleged EFTA, Regulation E, and CFPA violations. The fintech Company operates throughout the...more
A group of five Democratic Senators have sent a letter to the Federal Reserve, OCC, FDIC, and NCUA asking them to take several steps to protect consumers from scams when using Zelle to transfer money....more
In This Issue: - RECENT CASES .. Mortgage Servicing Rules .. Antiretaliation Provision ..Credit Default Swaps Antitrust Litigation ..CFPB Involvement in Litigation - IN THE...more
The CFPB has issued a final rule that will allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market. Consistent with the proposed...more
The Consumer Financial Protection Bureau recently finalized a larger participant rule for nonbank international money transfer providers and left it largely unchanged from the rule as originally proposed in January. The new...more
Noting the challenges to providers and consumers, the CFPB issued a proposed rule to define “larger participants” of the international money transfer market that, when finalized, will hold certain nonbank international money...more