Search Results: Money Transmission

CFPB Analyzes Mobile Device Tap-To-Pay Market as Possible Precursor to New Regulation

On September 7, 2023, the Consumer Financial Protection Bureau (CFPB) published its analysis of how smartphone companies are affecting consumers’ use of so-called “tap-to-pay” technology – the wireless transfer of data over very short distances, used in financial transactions conducted at the point of sale.  Concluding that “tech companies are…

Read More

FTC Approves Consent Order with Payment Card Network Operator for EFTA Violations

On May 30, 2023, the Federal Trade Commission (FTC) announced that it had finalized a consent order with one of the nation’s largest credit and debit card providers in an administrative action regarding alleged violations of the Electronic Funds Transfer Act (EFTA), as amended, 15 U.S.C. § 1693o-2, and its implementing regulation,…

Read More

CFPB Rule Defines "Larger Participants" In International Money Transfer Market

On September 23, the CFPB issued its final rule amending the regulation defining larger participants of certain consumer financial product and service markets specifically to add a definition for larger participants in the market for international money transfers. The rule defines such “larger participants” as those entities that have at least one million aggregate…

Read More

Money Remittance Improvement Act Eases Regulatory Requirements for MSBs

On August 1, Congress passed the Money Remittances Improvement Act of 2014 (signed by President Obama on August 8, 2014), which reduces regulatory hurdles and duplication between state and federal regulation of money services businesses.  Specifically, the Act permits the Secretary of the Treasury to “rely on examinations conducted by a…

Read More