US EditionWise ordered to pay $2.5mn in US for misleading fee advertising
- The Consumer Financial Protection Bureau fined Wise nearly $2.5 million for misleading customers about fees and failing to disclose exchange rates and costs accurately.
- Wise was ordered to pay approximately $450,000 in redress to harmed consumers and a $2.025 million civil money penalty, according to the CFPB.
- The CFPB stated that Wise's actions caused hundreds of thousands of dollars in harm to consumers.
- Wise claimed to have proactively compensated affected customers and cooperated with the CFPB during the investigation.
6 Articles
6 Articles
CFPB Orders Wise to Pay $2.5 Million for Illegal Remittance Practices
Tweet The company misled companies about fees and charges and failed to provide consumer disclosures WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today ordered the international remittance company Wise to pay nearly $2.5 million for a series of illegal actions, including advertising inaccurate fees and failing to properly disclose exchange rates and other costs. Wise allows customers to send, receive, and store remittances …
Wise ordered to pay $2.5 million for misleading fees and disclosure violations
The international remittance company Wise has been ordered to pay nearly $2.5 million by the Consumer Financial Protection Bureau (CFPB) for a series of illegal actions, including misleading customers about fees and failing to properly disclose exchange rates and other costs. The CFPB found that Wise misled customers in the United States about ATM fees and failed to disclose other charges accurately, according to a statement released on Thursday…
CFPB Orders Remittance Company to Pay $2.5 Million for Deceptive Practices and Inaccurate Disclosures
On January 30, 2025, the CFPB issued an order against a remittance company for misleading consumers about fees and failing to provide accurate disclosures, harming consumers who relied on the company’s representations when sending money to family and friends. The Bureau alleges the company’s conduct violated of the Consumer Financial Protection Act’s (CFPA) prohibition on unfair, deceptive, or abusive acts or practices and the Electronic Fund Tr…
CFPB Orders Wise to Pay Over $2 Million for Consumer Protection Violations | Fintech InShorts: Latest fintech news, analysis by experts
Financial Technology Firm Faces Increased Scrutiny Over Regulatory Compliance Highlights: The CFPB mandates Wise to pay over $2 million due to consumer protection violations. This enforcement action highlights the increasing focus on compliance within the fintech sector. Wise’s issues reflect broader challenges faced by financial technology firms in adhering to consumer protection laws. The Consumer Financial Protection Bureau (CFPB) has enforc…
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