CFPB Orders Wise US Inc. $450k Redress and $44,955 Penalty

CFPB Enforcement Actions

Filed May 15th, 2025

Detected February 7th, 2026

Summary

The CFPB has amended a consent order against Wise US Inc., requiring the company to provide approximately $450,000 in consumer redress and pay a $44,955 civil money penalty. The order resolves violations related to deceptive marketing disclosures and failures to comply with EFTA and Regulation E requirements.

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What changed

The Consumer Financial Protection Bureau (CFPB) has issued an amended consent order against Wise US Inc., a nonbank remittance transfer provider. The order, dated May 15, 2025, supersedes a prior consent order and requires Wise to provide approximately $450,000 for consumer redress and pay a $44,955 civil money penalty. The violations stemmed from deceptive marketing disclosures concerning ATM fees, leading to overcharges, and failures to comply with Electronic Fund Transfer Act (EFTA) and Regulation E requirements, including disclosure, error resolution, and record retention provisions.

Wise US Inc. must implement measures to ensure future compliance with consumer protection laws. Consumers who were overcharged ATM fees or experienced other EFTA/Regulation E violations may be eligible for redress. The company is required to provide contact information for consumers with inquiries related to the redress. Failure to comply with the terms of the amended consent order could result in further enforcement actions by the CFPB.

Source document (simplified)

Wise US Inc.

On January 30, 2025, the Bureau issued an order against Wise US Inc., a nonbank remittance transfer provider headquartered in New York, New York. Wise is a subsidiary of Wise PLC, a publicly traded, global electronic money services corporation headquartered in the United Kingdom. Wise offers and provides consumers international money transfer services, known as remittance transfers, in 48 states, the District of Columbia, Guam, the U.S. Virgin Islands, and Puerto Rico. Wise also offers a prepaid product to allow customers to store and receive money in multiple currencies, as well as spend money using an optional, attached debit card. The January 30, 2025 Order resolved the Bureau’s administrative proceeding against Wise US Inc. under 12 U.S.C. §§ 5563 and 5565, for (1) its use of deceptive marketing disclosures relating to ATM fees leading to ATM fee overcharges in violation of the Consumer Financial Protection Act’s (CFPA) prohibition on unfair, deceptive, or abusive acts or practices, 12 U.S.C. §§ 5531, 5536, and (2) its failure to provide disclosures and notices, including change-in-term notices; failure to adhere to error resolution provisions and failure to correct errors; failure to comply with the retention of document requirements; and failure to develop and maintain policies and procedures that are designed to ensure compliance with error resolution requirements in violation of the Electronic Fund Transfer Act (EFTA), 15 U.S.C. §§ 1693 et seq., and its implementing Regulation E, 12 C.F.R. pt. 1005.

On May 15, 2025, Wise and the Bureau agreed upon a modified Amended Consent Order in accordance with 12 U.S.C. § 5563(b)(3), which supersedes the prior Consent Order. The Amended Consent Order requires Wise to take measures to ensure future compliance, provide approximately $450,000 for consumer redress, and pay a $44,955 civil money penalty.

CONSUMER CONTACT INFORMATION

Consumers with inquiries related to redress under the order may contact Wise by toll-free phone at 1-888-908-3833; by mail at 30 W 26th St, New York, NY 10010; or by visiting www.wise.com/help.