On September 20, 2024, the CFPB issued a proposed rule with a narrow amendment to disclosure requirements for certain international money transfers, or remittances. The proposed change aims to ensure that consumers sending a remittance transfer have information about the types of inquiries that may be most efficient to direct to the CFPB and the State agency that licenses or charters their remittance transfer provider.

On May 29, 2024, the CFPB published a blog post discussing a bank’s responsibility when a customer becomes a victim of a scam. The CFPB also issued an amicus brief to argue that the Electronic Fund Transfer Act (EFTA) applies when banks connect the capability to initiate wire transfers to a consumer-facing banking platform.

On March 27, 2024, the CFPB issued a circular warning remittance transfer providers that false advertising about the cost or speed of sending a remittance transfer can violate federal law. The circular highlights several marketing practices relating to sending international money transfers that may violate the Consumer Financial Protection Act’s (CFPA) prohibition on deceptive acts or practices.

On December 19, 2023, the CFPB ordered the U.S. Bank to pay nearly $21 million for keeping out-of-work consumers from accessing unemployment benefits at the height of the COVID-19 pandemic. The CFPB found that the U.S. Bank failed to provide people a reliable and quick way to regain access after freezing thousands of accounts during the pandemic.

On June 27, 2023, the CFPB issued an order against ACI Worldwide and one of its subsidiaries, ACI Payments, for improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions. According to the CFPB, ACI’s data handling practices negatively impacted nearly 500,000 homeowners with mortgages serviced by Mr. Cooper (formerly known as Nationstar).