Wise—Ordered to pay $2.5M by CFPB for illegal remittance practices and inaccurate fee advertising
The Consumer Financial Protection Bureau ordered Wise to pay approximately $2.5 million for alleged illegal remittance practices, including advertising inaccurate fees and failing to properly disclose exchange rates. The consent order requires approximately $450,000 for consumer redress and a $44,955 civil penalty.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Governance | -against | primary | -1.00 |
| Overall incident score = | -0.295 | ||
Score = avg(topic contributions) × significance (medium ×1) × confidence (0.59)× agency (negligent ×0.5)
Evidence (1 signal)
Ordered to pay $2.5M by CFPB for illegal remittance practices and inaccurate fee advertising
The Consumer Financial Protection Bureau ordered Wise to pay approximately $2.5 million for alleged illegal remittance practices, including advertising inaccurate fees and failing to properly disclose exchange rates. The consent order requires approximately $450,000 for consumer redress and a $44,955 civil penalty.