MoneyGram May Face CFPB Enforcement Action

Law360 (May 10, 2021, 4:50 PM EDT) -- Money transfer company MoneyGram International Inc. said Friday it has received notice from the Consumer Financial Protection Bureau that the agency is considering taking legal action against the company over alleged violations tied to federal money transfer rules.

In a quarterly report filed Friday with the U.S. Securities and Exchange Commission, the payment services company said that after a year of exchanging communications with the CFPB, the agency may file an enforcement action against it based on alleged violations of the Remittance Rule, the Electronic Fund Transfer Act and the Consumer Financial Protection Act.

MoneyGram said that in February 2020, it...

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