On May 15, 2025, the CFPB amended its January 30, 2025 consent order with the international remittance company Wise resolving claims including advertising inaccurate fees and failing to properly disclose exchange rates and other costs. Wise is a publicly traded global electronic money services provider that allows customers to send, receive, and store remittances through a mobile app, prepaid accounts, and debit cards.
The CFPB found that the company misled U.S. customers about ATM fees and failed to disclose other fees. Additionally, the Bureau found that Wise did not refund remittance fees on time when transfers were delayed. The January 30, 2025 Consent Order required Wise to pay approximately $450,000 to harmed consumers to resolve claims and pay a $2.025 million fine to the CFPB’s victims relief fund.
The new consent order requires Wise to redress the harm to consumers and to pay a revised fine of approximately $45,000 in accordance with relevant law. According to the CFPB’s press release, the Amended Consent Order aligns the civil penalty with applicable provisions of the Consumer Financial Protection Act, relevant precedents for the conduct and cooperation at issue, the terms of Executive Order 14219, and the Bureau’s rescission of certain guidance including Consumer Financial Protection Circular 2024-02: Deceptive marketing practices about the speed or cost of sending a remittance transfer.
Read the CFPB’s press release here.
The revised Consent Order can be found here.