CFPB Orders Wise to Pay $2.5 Million for Illegal Actions and Misleading Fee Advertising

The Consumer Financial Protection Bureau (CFPB) has ordered the international remittance company Wise to pay nearly $2.5 million due to a series of illegal actions. These actions included advertising inaccurate fees and failing to disclose exchange rates and other costs, which the CFPB stated deceived consumers and provided Wise with an unfair competitive advantage over other money transfer providers. The fine reflects the agency's commitment to protecting consumers in the financial services market.