CFPB Reduces by Almost $2 Million Civil Penalty Against Remittance Transfer Company Related to Advertising and Disclosure Practices - Weiner Brodsky Kider PC

CFPB Reduces by Almost $2 Million Civil Penalty Against Remittance Transfer Company Related to Advertising and Disclosure Practices - Weiner Brodsky Kider PC

In a recently amended consent order with an international remittance transfer company, the CFPB reduced the civil money penalty from $2.025 million to $44,955 — but did not alter $450,000 in redress — stemming from allegations that the company had violated the Consumer Financial Protection Act (the CFPA) and the Electronic Fund Transfer Act (EFTA). The Bureau previously found that the company had engaged in deceptive acts or practices in violati…