News & Analysis as of

Remittance Transfer Rule

Shipkevich PLLC

CFPB Takes Another Decisive Action Against Nonbank Payment System

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The Consumer Financial Protection Bureau (“CFPB”) continues focus its forces on the payment processing space. In June 2023, we published an article foretelling the next regulatory frontier: nonbank payment systems. In July...more

Ballard Spahr LLP

CFPB enters into consent order with remittance transfer provider

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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

Ballard Spahr LLP

CFPB Supervisory Highlights Update Special Edition looks at “junk fees” charged in connection with deposits, auto servicing, and...

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The CFPB has released a new issue of Supervisory Highlights that carries the title “Junk Fees Update Special Edition.” The report discusses the CFPB’s examinations involving fees in the areas of deposits, auto servicing, and...more

Cozen O'Connor

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

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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

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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

Troutman Pepper

Democratic Senators Say CFPB Should Strengthen Remittance Transfer Rule

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Five Democratic Senators — Elizabeth Warren (MA), Dianne Feinstein (CA), Brian Schatz (HI), Jack Reed (RI), and Alex Padilla (CA) — recently petitioned the Consumer Financial Protection Bureau (CFPB) to “take action to...more

Ballard Spahr LLP

Five Democratic Senators urge CFPB to revise remittance transfer rule

Ballard Spahr LLP on

The Remittance Transfer Rule (“Remittance Rule”), Subpart B of Regulation E, 12 C.F.R. §§ 1005.30 to 1005.36, requires transfer providers to provide prepayment disclosures to consumers prior to paying for a remittance...more

Goodwin

CFPB Issues Consent Order Against Money Transfer Company for Remittance Failures

Goodwin on

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

Ballard Spahr LLP

CFPB Enters into another Remittance Transfer Consent Order

Ballard Spahr LLP on

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

Ballard Spahr LLP

Signaling more joint enforcement with states, CFPB files lawsuit with NY Attorney General against “repeat offender” MoneyGram

Ballard Spahr LLP on

The CFPB and the New York Attorney General have filed a lawsuit in a New York federal district court against MoneyGram International, Inc. and MoneyGram Payment Systems, Inc. (MoneyGram) in which they allege that MoneyGram...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

Cozen O'Connor

James and the CFPB Sue Moneygram over Consumer Protection and Anti-Fraud Allegations

Cozen O'Connor on

New York AG Letitia James and the CFPB sued Moneygram International, Inc. and Moneygram Payment Systems, Inc. (collectively “Moneygram”) over alleged violations of consumer protection laws, including the Consumer Financial...more

Troutman Pepper

CFPB Updates Exam Procedures for Remittance Transfers

Troutman Pepper on

On February 14, the Consumer Financial Protection Bureau (CFPB) updated its Supervision and Examinations Manual to reflect changes it made to the Remittance Transfer Rule (Rule) in a final rule published on June 5, 2020. The...more

International Lawyers Network

Establishing A Business Entity In England (Updated)

The attractiveness of the United Kingdom as a business location is unabated. There are many advantages to doing business in the UK. Investors can draw on a skilled workforce and access a large market; costs of labour and...more

Ballard Spahr LLP

CFPB Issues Remittance Transfer Consent Order

Ballard Spahr LLP on

On December 21, 2020, the CFPB issued its third consent order involving violations of Subpart B of Regulation E, 12 C.F.R. §§ 1005.30 to 1005.36, the Remittance Transfer Rule (“Remittance Rule”) in the last four months and...more

Morrison & Foerster LLP

Financial Services Report, Summer 2020

Is it just us or does March 4 — the date of our last issue — feel like a million years ago? Like you, and not necessarily in this order, we have been: doing our work; keeping up with COVID-19-related laws, guidance, and...more

Akerman LLP

CFPB Provides Additional COVID-19 Guidance Regarding Remittance Transfers

Akerman LLP on

On June 2, 2020, the Consumer Financial Protection Bureau (CFPB) provided additional guidance to remittance transfer providers regarding the Remittance Rule, subpart of Regulation E....more

Ballard Spahr LLP

CFPB finalizes amendments to remittance rule

Ballard Spahr LLP on

The CFPB has issued a final rule amending its remittance rule.  The final rule is effective July 21, 2020....more

BCLP

CFPB Issues Final Remittance Rule

BCLP on

On May 11, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it will impose stricter reporting requirements on entities that process international money and remittance transfers for consumers. This final...more

Goodwin

Financial Services Weekly Roundup: Priming The Pump – Additional Actions To Combat COVID-19

Goodwin on

Priming the Pump. As the COVID-19 outbreak continues, the Board of Governors of the Federal Reserve System (Federal Reserve), consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), took additional...more

Ballard Spahr LLP

CFPB issues policy statement on remittance transfer disclosures during COVID-19 pandemic

Ballard Spahr LLP on

The CFPB has issued a policy statement regarding its approach to supervision and enforcement of remittance transfers during the COVID-19 pandemic....more

ArentFox Schiff

Payments From America, With Love: Industry and CFPB Approach to Amending the Remittance Rule

ArentFox Schiff on

According to the World Bank and the Bureau, of the $613.5 billion worldwide dollar amount of remittance transfers in 2017, $148.5 billion was sent from the US in over 325 million remittance transfers, and $6.6 billion was...more

International Lawyers Network

Establishing A Business Entity In England (Updated)

The attractiveness of the United Kingdom as a business location is unabated. There are many advantages to doing business in the UK. Investors can draw on a skilled workforce and access a large market; costs of labour and...more

K&L Gates LLP

US Consumer Financial Protection Bureau Seeking Comments on Proposed Remittance Rule Revisions

K&L Gates LLP on

On December 3, the United States Consumer Financial Protection Bureau (“CFPB”) published a notice of proposed rulemaking to revise the Remittance Rule (“Proposed Rule”) and is accepting comments until January 21, 2020. ...more

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