The Consumer Financial Protection Bureau amended its January 30, 2025 consent order with international remittance company Wise, superseding the earlier order and revising the civil money penalty while continuing to require consumer redress. The underlying administrative action found Wise misled U.S. customers about ATM fees, failed to properly disclose exchange rates and other costs, and did not refund remittance fees within the timeframe required by law when transfers did not arrive on time. The January 2025 order required approximately USD 450,000 in consumer redress and a USD 2.025 million payment to the CFPB’s victims relief fund, including claims that prepaid card violations resulted in at least 16,000 consumers being overcharged. The amended order sets a revised fine of approximately USD 45,000 and describes the adjustment as aligning the penalty with applicable Consumer Financial Protection Act provisions, relevant precedents for the conduct and cooperation at issue, Executive Order 14219, and the Bureau’s rescission of certain guidance including Consumer Financial Protection Circular 2024-02.
Consumer Financial Protection Bureau 2025-05-15
Consumer Financial Protection Bureau amends Wise remittance consent order and reduces civil penalty to about USD 45,000
The Consumer Financial Protection Bureau has amended its January 30, 2025 consent order with Wise, revising the civil money penalty while maintaining consumer redress requirements. The revised order reduces the fine from USD 2.025 million to approximately USD 45,000, which the Bureau states aligns with the Consumer Financial Protection Act, relevant precedents, Executive Order 14219, and its rescission of certain guidance including Consumer Financial Protection Circular 2024-02.