London-listed fintech handed penalty by Consumer Financial Protection Bureau for ‘series of illegal actions’

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Financial Times

London

Greater London

England

United Kingdom

Wise ordered to pay $2.5mn in US for misleading fee advertising

The Consumer Financial Protection Bureau (CFPB) has hit UK-based remittance company Wise with about a $2 million fine for what it described as “a series

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TechCrunch

Verizon Communications

United States

CFPB fines fintech Wise, alleging it charged deceptive fees

Nikkei Inc.

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…

LexBlog

CFPB Orders Remittance Company to Pay $2.5 Million for Deceptive Practices and Inaccurate Disclosures

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…

BNO News

Tilburg

North Brabant

Netherlands

Wise ordered to pay $2.5 million for misleading fees and disclosure violations

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 …

Hampton Roads Messenger

Hampton

Virginia

CFPB Orders Wise to Pay $2.5 Million for Illegal Remittance Practices

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…

fintechinshorts.com

CFPB Orders Wise to Pay Over $2 Million for Consumer Protection Violations | Fintech InShorts: Latest fintech news, analysis by experts

Wise ordered to pay $2.5mn in US for misleading fee advertising

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