The Consumer Financial Protection Bureau (CFPB) settled with Maxitransfers Corp., a company that serves customers looking to send money overseas. This is CFPB’s first enforcement action with a violation of the Remittance Transfer Rule, which implements the Electronic Fund Transfer Act (EFTA). The CFPB found that Maxitransfers violated the Consumer Financial Protection Act of 2010 by stating to consumers that it would not be responsible for the errors made by its third-party payment agents. The Remittance Transfer Rule places the responsibility of the acts of the agent when the agent acts for the provider on Maxitransfers. The CFPB also found that Maxitransfers violated the Remittance Transfer Rule and EFTA by using inaccurate language in disclosures and failing to maintain required policies to comply with error resolution procedures.
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