CFPB Slashes Most of Wise Penalty

CFPB slashes most of Wise penalty

The U.S. unit of fintech Wise must pay the bureau $45,000 and roughly $450,000 in redress to affected customers – a far cry from the $2.5 million penalty issued in January.

CFPB Revises Wise Penalties and other Digital Transactions News briefs from 5/16/25 - Digital Transactions

The Consumer Financial Protection Bureau has revised a January order for remittance provider Wise that reduces its $450,000 penalty and $2.025 million fine to $45,000 and to redress the harm to consumers. On Jan. 30, the CFPB, under Rohit Chopra who was fired in February, had ordered the previous penalties to resolve claims alleging Wise advertised inaccurate fees and failed to properly disclose exchange rates and other costs. AppTech Payments C…

CFPB AMENDS CONSENT ORDER WITH WISE FOR REMITTANCE PRACTICES

CFPB AMENDS CONSENT ORDER WITH WISE FOR REMITTANCE PRACTICES -STATEMENT