Defining Larger Participants of the International Money Transfer Market
Summary
The Consumer Financial Protection Bureau (CFPB) is proposing a new rule to define which international money transfer companies are considered "larger participants" in the market, which would trigger additional oversight and consumer protection requirements. This matters because it could affect fees, transparency, and protections when Americans send money to family and friends overseas.
Key Points
- 1The CFPB is establishing a definition of what makes an international money transfer company 'large enough' to face stricter federal rules and monitoring
- 2Larger companies would likely need to disclose more information about fees, exchange rates, and delivery times to protect consumers sending money abroad
- 3The rule could affect money transfer services like Western Union, MoneyGram, and online platforms that handle international payments
- 4Public comment period runs until September 23, 2025, allowing consumers and businesses to share their views before the rule is finalized
- 5The goal is to increase transparency and fairness in the international money transfer market, which serves millions of Americans sending remittances
Key Dates
August 8, 2025
This summary is for informational purposes only. It may not capture all nuances of the regulation. Always refer to the official text for authoritative information.
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