Consumer Financial Protection Bureau Settles with Remittance Transfer Provider for Remittance Transfer Rule Violations

December 21, 2020

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The CFPB announced a settlement with a remittance transfer provider for violations of the Electronic Fund Transfer Act (EFTA) and the Remittance Transfer Rule, which implements EFTA by failing to honor cancellation requests, failing to refund certain fees and taxes when funds were not available on time, and failing to maintain appropriate error resolution policies and procedures, to adhere to error resolution requirements, and to provide consumers with reports of investigation findings.

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