United States of America: Consumer Financial Protection Bureau issued ruling against Wise for misleading advertising and transparency violations

On 30 January 2025, the Consumer Financial Protection Bureau (CFPB) issued an order against Wise, a digital payment provider, for misleading advertising and transparency violations affecting US consumers. The CFPB determined that Wise violated the Consumer Financial Protection Act of 2010 and the Electronic Fund Transfer Act by advertising inaccurate automated teller machine fees and failing to refund remittance fees when funds were not delivered on time. It also failed to properly disclose fees, exchange rates, and refund policies, leading to multiple transparency violations. The order requires Wise to pay approximately USD 450,000 for consumer redress and a USD 2.025 million penalty to CFPB’s victims relief fund.