CFPB Remittance Rule Fine Spotlights Cash-Transfer Conduct

Law360 (September 13, 2019, 6:00 PM EDT) -- Consumers in the United States send billions of dollars abroad each year. The remittance transfer rule is a federal consumer financial protection law that generally applies to money-services businesses and banking institutions that provide international money-transfer services to consumers.[1] Broadly, the rule requires covered persons to provide senders with certain disclosures, grant consumers a right of cancellation, and establish error-resolution procedures.

On Aug. 27, the U.S. Consumer Financial Protection Bureau announced it issued its first enforcement action based on violations of the rule.[2] The bureau issued the consent order against Maxitransfers Corp. for various violations, including:

Disclosing in its terms and...

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