CFPB v. Sendwave

Sendwave allegedly violated the Consumer Financial Protection Act of 2010’s (CFPA) prohibition on deceptive acts and practices by misrepresenting to consumers the speed and cost of its remittance transfers. Sendwave also allegedly violated the Electronic Fund Transfer Act (EFTA) and its implementing Regulation E, including Subpart B, known as the Remittance Transfer Rule, by: (1) wrongly requiring customers to waive their rights; (2) failing to provide required disclosures, including the date of fund availability and exchange rate; (3) failing to provide timely disclosures; and (4) failing to investigate errors properly and maintain required policies and procedures for error resolution. The violations of EFTA and Regulation E also constitute violations of the CFPA, according to CFPB.

Summary generated from official Consumer Financial Protection Bureau press release