The Consumer Financial Protection Bureau (CFPB) has levied a $2.5 million penalty against Wise U.S. Inc. for misleading advertising related to remittance fees. The Bureau accused Wise of inaccurately promoting ATM fees and failing to appropriately disclose exchange rates, which gave the company a competitive edge in the market. In addition to the fine, Wise is required to reimburse customers $450,000. The fintech has expressed disagreement with the CFPB's findings, stating that it had acted in good faith throughout the investigation and had already reimbursed many customers voluntarily.
The Consumer Financial Protection Bureau ordered digital remittance provider Wise U.S. Inc. to pay $2.5 million for advertising inaccurate fees and failing to properly disclose exchange rates.
By deceiving customers, Wise gave itself an unfair advantage over other competitors in the remittances market,” said CFPB Director Rohit Chopra.
Collection
[
|
...
]