Earlier this week, the CFPB announced a consent order with Maxitransfers Corporation, a remittance transfer provider that allows consumers to electronically transfer funds to people or companies in foreign countries. As the Bureau noted in its press release announcing the settlement, this is the Bureau’s first enforcement action based on violations of the Remittance Transfer

The CFPB has published a notice and request for comments seeking information to inform its consideration of possible changes to its rule on remittance transfers.  Comments are due by June 28, 2019.

The RFI sets forth a series of questions related to the following topics:

  • Expiration of the temporary exception. The EFTA provides a temporary

The CFPB’s Winter 2019 Supervisory Highlights discusses the Bureau’s examination findings in the areas of automobile loan servicing, deposits, mortgage loan servicing, and remittances.  We discussed the Bureau’s auto loan servicing findings in a separate blog post.  In this blog post, we focus on the Bureau’s additional findings.

Although issued under Director Kraninger’s leadership,

The CFPB has issued its September 2016 complaint report which highlights complaints about money transfers and complaints from consumers in Pennsylvania and the Philadelphia metro area.  The CFPB began taking money transfer complaints in April 2013.

General findings include the following:

  • As of September 1, 2016, the CFPB handled approximately 982,400 complaints nationally, including approximately

The CFPB has issued a final rule that will allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market.  Consistent with the proposed rule, the final rule defines larger participants as those providers that engage annually in 1 million or more international money transfers.  The

The CFPB has issued a final rule that extends for five years (until July 21, 2020) the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances.  The rule also includes “several clarifications and technical corrections” to the rule and commentary.  Additionally, the CFPB

On July 3rd, the CFPB released a Report on the Use of Remittance Histories in Credit Scoring (the “Report”). Section 1073(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFPB Director to study the feasibility of and impediments to using remittance transfer information (i.e., information regarding electronic

The CFPB has extended the comment period on its proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances and to make several other changes and technical corrections to the rule.  Absent the five year extension, the