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
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 September 20, the CFPB released its proposed rule to amend the remittance transfer disclosure requirements under the EFTA. The proposed amendments will adjust certain disclosures to clarify that consumers sending...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 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 October 4, 2022, the Consumer Financial Protection Bureau (CFPB) entered into a consent order with Choice Money, a New York nonbank remittance transfer provider involving violations of the Remittance Transfer Rule...more
Earlier this week, the CFPB announced a consent order with Maxitransfers Corporation, a remittance transfer provider that allows consumers to electronically transfer funds to people or companies in foreign countries. As the...more
The Consumer Financial Protection Bureau (CFPB) announced on Tuesday, August 27, 2019 a consent order entered into with Maxitransfers Corp., a Texas-based money transmitter, following its investigation of Maxitransfers’...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
The Consumer Financial Protection Bureau (CFPB) will publish in 2018 its five-year assessment of its remittance rule, part of Regulation E and the Electronic Funds Transfer Act (EFTA) that governs transfers from within the...more
The CFPB proposed revisions to its remittance transfer rule finalized and amended several times. The proposal would amend the remittance rule to extend a temporary exemption and make additional clarifications to the rule. The...more
The Consumer Financial Protection Bureau (Bureau) announced on January 22 that it is issuing a final rule to delay the February 7, 2013, effective date of final rules published by the Bureau on February 7, 2012, and August...more
On December 21, 2012, the CFPB issue a proposed amendment to subpart B of Regulation E under the Electronic Fund Transfer Act regarding remittance transfers....more