MOBILE REMITTANCES AND DODD-FRANK: REVIEWING THE EFFECTS OF THE CFPB REGULATIONS

Colin C. Richard

Abstract


International remittances provide $325 billion in capital each year to developing countries and serve as an essential tool for international economic development. The growth of mobile money and mobile banking around the world will significantly increase access to remittance services and reduce costs for senders and recipients, but policy changes could irreparably deter the use of mobile phones for remittances. In July 2010, the Dodd-Frank Act proposed for the first time substantive federal regulation of international remittances and required the Consumer Financial Protection Bureau (CFPB) to develop certain rules for the industry. This article analyzes the CFPB's February 2012 rule in the context of mobile remittances.

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DOI: http://dx.doi.org/10.5195/tlp.2012.99

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