CFPB Mulls Cutting Int'l Money Transfer Oversight

Financial Services attorney Eamonn Moran was quoted in a Payments Dive article about the Consumer Financial Protection Bureau's (CFPB) consideration of raising the threshold for "larger participant" supervision in the international money transfer market. The CFPB signaled concern that its current 2014 threshold (1 million annual transfers) may be overinclusive and divert limited supervisory resources, and is weighing higher thresholds that would still capture most transactions while reducing burdens on smaller providers. Mr. Moran observed that a higher bar could concentrate oversight on the biggest players while maintaining consumer safeguard under existing rules.

"The current threshold is probably overinclusive," he said, noting "there are still protections in place" under the Electronic Fund Transfer Act.

READ: CFPB Mulls Cutting Int'l Money Transfer Oversight