The Consumer Financial Protection Bureau issued a circular warning remittance transfer providers—including digital wallets—that false advertising about the cost or speed of sending a remittance transfer can violate federal law.
CFPB issues guidance on remittance advertising
March 28, 2024 / By ICBA
The Consumer Financial Protection Bureau issued a circular warning remittance transfer providers—including digital wallets—that false advertising about the cost or speed of sending a remittance transfer can violate federal law.
The Consumer Financial Protection Bureau issued a circular warning remittance transfer providers—including digital wallets—that false advertising about the cost or speed of sending a remittance transfer can violate federal law.
Background: The CFPB said companies in the marketplace are charging fees on international money transfers and making false claims about the speed of transfers. Guidance in the circular applies both to traditional providers of international money transfers and to digital wallets that offer the capability to send money internationally from the United States.
Guidance Details: The circular highlights several marketing practices that might violate prohibitions on deceptive acts or practices, including falsely marketing “no fee” or “free” services, burying promotional conditions in fine print, and deceptively advertising how long transfers will take.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
