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Remittance transfer provider settles with CFPB

New York, NY
12/21/2020
Fine Amount: 
$750,000
Penalty Type: 
Issued by: 

The CFPB has issued a Consent Order in the matter of Envios de Valores la Nacional Corp. ("La Nacional"), a remittance transfer provider incorporated in New York, headquartered in Colorado, and licensed 33 states and the District of Columbia. It provides remittance transfers from the U.S. to designated recipients primarily in the Dominican Republic, Mexico, Guatemala, El Salvador, Ecuador, Colombia, Peru, Nigeria, Honduras, and Nicaragua. The Bureau found that, since the Remittance Transfer Rule's effective date in 2013, La Nacional has engaged in thousands of violations of the Remittance Transfer Rule.

Specifically, the Bureau found that La Nacional violated the Electronic Fund Transfer Act and Regulation E by failing to:

  • honor cancellation requests when funds were not available on time
  • refund certain fees and taxes when funds were not available on time
  • maintain appropriate error resolution policies and procedures
  • adhere to error resolution requirements
  • provide consumers with reports of investigation findings
  • treat international bill pay transactions as remittance transfers
  • make proper disclosures in numerous cases

In addition to paying a civil money penalty of $750,000, La Nacional must adopt a compliance plan to ensure that its remittance transfer acts and practices comply with federal consumer laws and the consent order.

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