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. 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. The bureau issued the consent order against Maxitransfers Corp. for various violations, including:
Disclosing in its terms and...
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