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...

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