The U.S. consumer watchdog on Thursday proposed extra scrutiny for big non-bank firms that provide international money transfers. The Consumer Financial Protection Bureau (CFPB) can already examine banks and credit unions that offer money transfers. The new proposal would let the bureau scrutinize non-bank firms that conduct more than a million foreign transfers each year. That means the bureau would directly supervise about 25 of the largest providers of money transfers or remittances, including Western Union and MoneyGram International. "Today's proposed rule would help us provide oversight across the entire market so consumers get the protections they deserve," CFPB Director Richard Cordray said in a statement. The 2010 Dodd-Frank law, which created the bureau, allows the CFPB to send its examiners into banks and credit unions, as well as larger non-bank financial firms. The bureau must define what it considers to be larger participants in certain markets before it can
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