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Remittance Firms Will Pay $2M To End CFPB Claims

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > Remittance Firms Will Pay $2M To End CFPB Claims

Remittance Firms Will Pay $2M To End CFPB Claims

Law360 (September 1, 2020, 3:46 PM EDT) — The U.S. Consumer Financial Protection Bureau on Monday announced settlement agreements with two companies that ran afoul of the regulator’s requirements in the course of providing remittance transfer services to individuals sending money abroad.

New York-based Trans-Fast Remittance LLC will pay a $1.6 million penalty and Sylmar, California-based Sigue Corp. and its subsidiaries SGS Corp. and GroupEx Corp. will pay a $300,000 penalty and put an additional $100,000 toward consumer redress in response to CFPB allegations they violated the federal Electronic Fund Transfer Act and the Remittance Transfer Rule implementing the EFTA.

In its Monday statement, the CFPB characterized the actions…

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