A fine by the Consumer Financial Protection Bureau (CFPB) against the U.S arm of London-based foreign exchange company Wise could be one of the agency’s final actions as a new regulatory regime reportedly froze rules and litigation amid calls for defunding.
Wise allegedly advertised inaccurate fees for its money-transferring services, didn’t properly disclose exchange rates and other costs, and failed to refund fees in the time legally allowed. The company will pay redress of approximately $450,000 and more than $2 million in civil money penalties.
