News & Analysis as of

Consumer Financial Protection Act (CFPA) Remittance Transfer Rule

Goodwin

NY Attorney General Announces $250,000 Settlement with Money Transfer Provider

Goodwin on

On June 16, 2025, the New York Attorney General announced it had entered into a stipulated final judgment to settle its suit against ​a non-bank money transfer provider over alleged violations of federal and state consumer...more

Orrick, Herrington & Sutcliffe LLP

New York attorney general obtains $250K in CFPB’s dropped case

On June 16, the New York attorney general settled a civil action against a remittance provider in a case dropped by the CFPB earlier this year, which as previously covered by InfoBytes, left the State of New York as the sole...more

Sheppard Mullin Richter & Hampton LLP

CFPB Reduces Civil Penalty in Settled Remittance Enforcement Action

On May 15, the CFPB issued an amended consent order against an international remittance provider, reducing its civil penalty from $2.025 million to $44,955. The order alleges violations of the Electronic Fund Transfer Act...more

Ballard Spahr LLP

CFPB orders remittance transfer provider to pay almost $2.5 million for alleged illegal activities

Ballard Spahr LLP on

On January 30, 2025, the CFPB ordered Wise, an international remittance company, to pay almost $2.5 million in connection with allegations of illegal activities, including advertising inaccurate fees and failing to properly...more

Hinch Newman LLP

CFPB Warns Against Deception in Contracts for Consumer Financial Products and Services

Hinch Newman LLP on

On June 4, 2024, the Consumer Financial Protection Bureau issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. According to the...more

Goodwin

CFPB Q1 Circular Recap: Essential Takeaways for Mitigating UDAAP Risk to Remittance Transfer Providers, Digital...

Goodwin on

In the first quarter of 2024, the Consumer Financial Protection Bureau (CFPB) issued two Consumer Financial Protection Circulars, putting remittance transfer providers, digital comparison-shopping tools operators, and lead...more

Goodwin

CFPB Issues Circular about Deceptive Marketing Practices in Connection with Remittance Transfers

Goodwin on

Late last month, the Consumer Financial Protection Bureau (CFPB) issued a new Consumer Financial Protection Circular (Circular) which provides guidance about when a remittance transfer provider may be in violation of the...more

Ballard Spahr LLP

CFPB issues new circular on deceptive practices in connection with marketing remittance transfers

Ballard Spahr LLP on

The CFPB issued a new circular advising remittance transfer providers that false advertising about the cost or speed of sending remittance transfers can be considered a violation of the Consumer Financial Protection Act even...more

Cooley LLP

Marketing Practices of Remittance Transfer Providers May Violate CFPA, CFPB Cautions

Cooley LLP on

On March 27, 2024, the Consumer Financial Protection Bureau (CFPB) issued Circular 2024-02 warning remittance transfer providers that certain marketing activities may constitute deceptive practices and therefore violate the...more

Ballard Spahr LLP

CFPB enters into consent order with remittance transfer provider

Ballard Spahr LLP on

The Consumer Financial Protection Bureau announced that it has entered into a Consent Order with Chime Inc., a nonbank fintech company, to settle alleged violations of the Electronic Fund Transfer Act (EFTA), Subpart B of...more

Cozen O'Connor

Servicio UniTeller Must Refund Consumers, Pay Fines for Failure to Follow Remittance Rules

Cozen O'Connor on

The CFPB issued an order against Servicio UniTeller, Inc., an international remittance company that helps consumers send money to their families overseas, for violations of the Electronic Fund Transfer Act (EFTA) and the...more

Goodwin

CFPB Enters Into $700,000 Consent Order With Remittance Company for Alleged EFTA and Reg E Violations

Goodwin on

​On December 22, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had reached a settlement with an international remittance company to resolve alleged violations of the Electronic Fund Transfer Act...more

Hudson Cook, LLP

CFPB Orders International Remittance Company to Pay $700,000 Penalty

Hudson Cook, LLP on

On December 22, 2022, the CFPB filed an administrative consent order against an International Remittance Company headquartered in Rochelle Park, New Jersey. The order alleges that from 2013 until 2021, the International...more

Sheppard Mullin Richter & Hampton LLP

CFPB and NY AG Sue Remittance Provider, citing “Repeat Offender”

On April 21, the CFPB and New York Attorney General’s Office filed a complaint against a remittance provider alleging that the provider (i) repeatedly gave senders inaccurate information about when their remittance transfers...more

White & Case LLP

Consumer financial services: The road ahead: Payment processing

White & Case LLP on

The CFPB continued to be active in the consumer payments space in 2018, while the Federal Reserve and market participants considered the future of payment processing, including the development of faster payment systems....more

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