CFPB issues $2.5M penalty against Wise in last action of Chopra era
By 
Oscar Gonzalez2025-02-03T21:18:00
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.
In CFPB Director Rohit Chopra’s final action before stepping down Saturday, he alleged that Wise gave itself an unfair advantage over competitors in the remittances market. “New technology can help make money transfers cheaper and more convenient, but companies must be truthful and live up to longstanding law,” he said in a press release Thursday.
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