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HomeFinTechCFPB Orders Wise to Pay Over $2 Million for Consumer Protection Violations

CFPB Orders Wise to Pay Over $2 Million for Consumer Protection Violations

Date:

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Financial Technology Firm Faces Increased Scrutiny Over Regulatory Compliance

Highlights:

  • The CFPB mandates Wise to pay over $2 million due to consumer protection violations.
  • This enforcement action highlights the increasing focus on compliance within the fintech sector.
  • Wise’s issues reflect broader challenges faced by financial technology firms in adhering to consumer protection laws.

The Consumer Financial Protection Bureau (CFPB) has enforced a significant penalty on Wise, demanding over $2 million for failing to comply with consumer protection regulations. This action underscores the growing scrutiny that fintech companies are facing from regulatory bodies. As these firms navigate intricate compliance landscapes, adherence to consumer protection laws remains critically important to avoid hefty fines and reputational risks.

Rinsu Ann Easo
Rinsu Ann Easo
Diligent Technical Lead with 9 years of experience in software development. Successfully lead project management teams to build technological products. Exposed to software development life cycle including requirement analysis, program design, development and unit testing and application maintenance. Has worked on Java, PHP, PL/SQL, Oracle forms and Reports, Oracle, Bootstrap, structs, jQuery, Ajax, java script, CSS, Microsoft Excel, Microsoft Word, C++, and Microsoft Office.

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