CFPB Fines Cash Transmitter In 1st Remittance Rule Case

Law360 (August 27, 2019, 9:35 PM EDT) -- The Consumer Financial Protection Bureau said Tuesday that it has settled its first-ever enforcement action based on alleged violations of its international money transfer regulations, ordering a $500,000 fine for a Texas-based money transmitter accused of disclosure failures and lacking certain compliance policies.

The CFPB said in a consent order that Maxitransfers Corp., which provides services for sending funds to Central and South American destinations, ran afoul of the agency’s Remittance Rule from 2013 to 2017 by failing to have required error-resolution policies in place and using non-standard language in its customer disclosures.

According to the agency, Maxi also violated the...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Attached Documents

Related Sections

Government Agencies