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
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
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
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
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
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
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
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
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
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
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
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
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
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