Reduce liability for losses on commercial accounts by adhering to four requirements.
Wal-Mart’s Financial Services Creep
ABA Supports CFPB’s Efforts for Non-Bank Supervision
American Bankers Association
ABA “fully supports” the CFPB’s preliminary efforts to define which large, non-bank lenders it will regulate under its Dodd-Frank Act mandate.
CFPB Identifies Nonbank ‘Larger Participants’ It May Supervise
There are six markets identified by the CFPB.
New Wal-Mart Kiosks Present Threat to Banks
Bank Technology News
The "MoneyCenter in a box" concept will feature ATM-like machines positioned in Wal-Mart stores that do not have full MoneyCenters.
Defining Larger Participants in Certain Consumer Financial Products and Services
The CFPB is required to issue an initial rule to define covered
persons that are “larger participants” of other markets not later than July 21, 2012, one year after the designated transfer date.
Wal-Mart Looking More Like a Bank, Warrants Concern
At the end of June, the CFPB made a request for comment on how it should supervise non-depository financial services providers, which is likely to include Walmart.
Read comments submitted to the CFPB regarding which large non-bank entities should be supervised.
Walmart Expands Check, Card Cashing Services
Payroll, Eligible Government Benefit Cards Cashed to the Penny