The consumer bureau, created by the 2010 financial overhaul law known as the Dodd-Frank Act, gained new powers to reach deep into the most mundane decisions of money-transfer agents, mortgage bankers, auto lenders and virtually anyone else who provides financial products and services.

WSJ: Warren starts taking on banks and regulators

John Byrne, former head of compliance at the American Bankers Association, recently told congressional committees that regulatory requirements for dealing even with legit money-transfer services had become so burdensome for banks that they were filing suspicious-activity reports at every turn and shutting down remittance accounts.

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