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...

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

Law Firms

Government Agencies