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CFPB

RIN: 3170-AA25

Publication ID: Spring 2014

Title: Defining Larger Participants of the International Money Transfer Market
Abstract: The CFPB published a proposed rule on January 31, 2014, that would amend the regulation defining larger participants of certain consumer financial product and service markets by adding a new section to define larger participants of a market for international money transfers. The CFPB proposed this rule pursuant to its authority, under the Dodd-Frank Wall Street Reform and Consumer Protection Act, to supervise certain nonbank covered persons for compliance with Federal consumer financial law and for other purposes. The CFPB has the authority to supervise nonbank covered persons of all sizes in the residential mortgage, private education lending, and payday lending markets. In addition, the CFPB has the authority to supervise nonbank "larger participant[s]" of markets for other consumer financial products or services, as the CFPB defines by rule. The proposed rule would identify a market for international money transfers and define "larger participants" of this market that would be subject to the CFPB's supervisory authority. The CFPB anticipates issuing a final rule defining larger participants of the international money transfer market after consideration of comments.
Agency: Consumer Financial Protection Bureau(CFPB)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: Undetermined	Unfunded Mandates: No
CFR Citation: 12 CFR 1090.107
Legal Authority: 12 USC 5514(a)(1)(B) 12 USC 5514(a)(2) 12 USC 5512(b)(1) 12 USC 5514(b)(7)(A)

Legal Deadline: None

Timetable:

Action	Date	FR Cite
NPRM (Int'l Money Transfer Mkt)	01/31/2014	79 FR 5302
NPRM Comment Period End (Int'l Money Transfer Mkt)	04/01/2014
Final Rule	09/00/2014

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Federalism: No
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Agency Contact: Joel Singerman Office of Regulations Consumer Financial Protection Bureau Washington, DC 20552 Phone:202 435-7700