​On December 22, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had reached a settlement with an international remittance company to resolve alleged violations of the Electronic Fund Transfer Act (EFTA), 15 U.S.C. § 1693 et seq., and its implementing Regulation E (Reg E), 12 C.F.R. Part 1005, Subpart B (known as the Remittance Transfer Rule) and the Consumer Financial Protection Act (CFPA), 12 U.S.C. § 5536(a)(1)(A).

As alleged in the consent order, the remittance company violated EFTA and Reg E by failing to maintain written policies and procedures for error resolution, failing to retain evidence of compliance with Reg E’s error resolution requirements, issuing inadequate disclosures to customers, and refusing to refund certain fees to customers.

As part of the settlement, the remittance company must pay almost $30,000 in consumer redress and a civil money penalty of $700,000.  The company neither admits nor denies the Bureau’s allegations.

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