News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Money Transfer

Venable LLP

CFPB Reviewing International Money Transfer Larger Participant Rule

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The Consumer Financial Protection Bureau (CFPB) is inviting comment on whether the 2014 larger participant rule for international money transfers should be revised to better reflect market conditions and supervisory...more

Wiley Rein LLP

Wiley Consumer Protection Download (August 12, 2025)

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Federal and State Regulatory Announcements- CFPB Seeks Comment on New Thresholds for Larger Participants in the Automobile Financing, Consumer Reporting, International Money Transfer, and Debt Collection Markets. On August...more

Holland & Knight LLP

CFPB Seeks Comments on Increased Larger Market Participant Thresholds in 4 Key Markets

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The CFPB published four advanced notices for proposed rulemaking in the Federal Register on Aug. 8, 2025. Each notice seeks comment from experts within the automobile financing, international money transfer, consumer...more

Hudson Cook, LLP

CFPB Bites of the Month - April 2025 - "I'll Remember April and the CFPB"

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In this month's article, we share some of our top "bites" covered during the April 2025 webinar....more

Morrison & Foerster LLP

CFPB Asserts Authority to Supervise Large Digital Wallet and Payment App Providers

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On December 10, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule (“Final Rule”) to supervise large providers of digital wallets and payment apps. Specifically, the Final Rule, entitled Defining...more

Ballard Spahr LLP

CFPB takes action against company that provides commissary account services to prisoners

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The CFPB has taken action against Global Tel Link Corporation (GTL) over allegations that the company took millions of dollars from a half-million accounts and blocked money transfers to consumers who are incarcerated. Those...more

Troutman Pepper Locke

Global Tel Link Fined $3 Million for Alleged Unfair Practices Related to Payment Accounts for Incarcerated Persons

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On November 14, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a significant consent order against Global Tel Link Corporation (GTL), a company that provides communication and financial services to...more

Troutman Pepper Locke

CFPB Proposes Amendments to Disclosure Requirements Under Remittance Transfer Rule

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On September 20, the Consumer Financial Protection Bureau (CFPB or Bureau) announced a proposed rule aimed at amending the disclosure requirements for international money transfers, commonly known as remittances. The proposed...more

Ballard Spahr LLP

CFPB proposes ‘narrow’ amendment to disclosure requirements for international remittances and money transfers

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The CFPB has issued a proposed rule with a small amendment to disclosure requirements for certain international remittances and money transfers....more

Troutman Pepper Locke

CFPB Report Highlights Challenges Facing Servicemembers and Veterans, Including Student Loans and Money Transfer/Virtual Currency...

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Yesterday, the Consumer Financial Protection Bureau (CFPB or Burau) released its annual report detailing the financial challenges faced by servicemembers, veterans, and military families. In 2023, this group submitted nearly...more

Davis Wright Tremaine LLP

Stay ADvised: 2024, Issue 9

NAD Endorses Compliance With FTC Guide Requirements for Experts - Endorsements: Love them or hate them (and social media does love them so), they are subject to ever-increasing regulatory scrutiny, and compliance isn't...more

Goodwin

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

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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

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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

Ballard Spahr LLP

CFPB Publishes Consumer Response Annual Report

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The CFPB published its Consumer Response Annual Report for 2023, which discusses the consumer complaints received by the CFPB in that year and how companies responded to those complaints. The CFPB monitors consumers’...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Guidance on Deceptive Practices by Remittance Transfer Providers

On March 27, the CFPB issued Circular 2024-02, which warns that remittance providers may be liable under the CFPA for certain deceptive marketing practices related to the speed or cost of sending a remittance transfer. Under...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Payments

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to payments, along with some additional related information....more

Morrison & Foerster LLP

CFPB Issues Proposal to Regulate Large Digital Wallet and Payment App Providers

Morrison & Foerster LLP on

On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to supervise large providers of digital wallets and payment apps. Specifically, the proposed rule on Defining Larger Participants of...more

Ballard Spahr LLP

CFPB issues proposal to supervise nonbank providers of digital wallets and payment apps

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The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.”  Comments on the proposal are due by January 8, 2024...more

Hudson Cook, LLP

CFPB Takes Action Against Fintech Company for Alleged Deceptive Practices in International Money Transfers

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On October 17, 2023, the CFPB took action against a nonbank fintech Company providing international money transfer services for alleged EFTA, Regulation E, and CFPA violations. The fintech Company operates throughout the...more

Shipkevich PLLC

CFPB Issues Proposed Rule Imposing Reporting Requirements on Certain Non-Bank Entities: Possible Implications for Money...

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On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule pursuant to its authority under the Consumer Financial Protection Act of 2010 (CFPA). This rule would require certain non-bank...more

Goodwin

CFPB Issues Consent Order Against Money Transfer Company for Remittance Failures

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On October 4, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it has issued a consent order against a nonbank provider of a money transfer service for multiple violations of the Electronic Fund Transfer...more

Troutman Pepper Locke

Citing Uptick in Complaints, CFPB Will Push Banks to Refund More Victims of Money Transfer Scams

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As peer-to-peer money transfer services (or cash apps) become more popular, there has been an increase in the number of scams enticing consumers to transfer funds to fraudsters. The law currently provides that the banks that...more

Wiley Rein LLP

Wiley Consumer Protection Download (July 12, 2022)

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Regulatory Announcements- CFPB Issues Advisory Opinion on FCRA Permissible Purposes for Providing Consumer Reports. On July 7, the CFPB issued an Advisory Opinion on the Fair Credit Reporting Act (FCRA) that outlines...more

Goodwin

CFBP and NY AG Sue Global Payment Company

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On April 21, 2022, the Consumer Financial Protection Bureau (CFPB)  anno​unced ​a joint enforcement action with the New York Attorney General (NY AG) against one of the largest international remittance providers in the...more

Cozen O'Connor

Show Me the Money: Attorneys General Urge CFPB on Complaints About Money-Sharing Platforms, Apps

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On December 20, 2021, a bipartisan group of 33 AGs, led by Idaho AG Lawrence Wasden and Oregon AG Ellen Rosenblum, sent a letter to the Director of the CFPB in response to the CFPB’s Request for Comments on its inquiry into...more

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