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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.
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