Exception Tracking Spreadsheet (TicklerTrax™)
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Remittance transfer provider to pay $750,000 CMP
The CFPB has issued a Consent Order to 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. La Nacional 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.
The Bureau found that La Nacional violated Regulation E by failing to provide refunds for cancellations and error claims when funds did not reach designated recipients on time, provide consumers reports of investigative findings, and treat international bill payment services as remittance transfers, among other infractions.
Under the Order, La Nacional will pay a $750,000 civil money penalty and correct its policies and practices. For additional details, see Remittance transfer provider settles with CFPB, in BankersOnline's penalty pages.