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Remittance Transfer Rule Consent Order

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

Goodwin

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

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​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

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

Ballard Spahr LLP

CFPB Enters into another Remittance Transfer Consent Order

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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

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

Ballard Spahr LLP

CFPB Issues Remittance Transfer Consent Order

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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

Ballard Spahr LLP

CFPB’s First Remittance Transfer Rule Enforcement Action

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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

Goodwin

Financial Services Weekly News - March 2017 #4

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Editor's Note - The Battle Over the Proposed OCC FinTech Charter Continues. The Office of the Comptroller of the Currency (OCC) has released a draft supplement to its Licensing Manual explaining the process for FinTech...more

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