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The CFPB published a final rule in September 2014 that amends 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 issued 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 final rule identifies a market for international money transfers and defines larger participants” of this market that are subject to the CFPB's supervisory authority effective December 1, 2014.