On August 27, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) settled its first enforcement action based on alleged violations of its money transfer rules with Maxitransfers Corp. (Maxitransfers), a Texas-based money transmitter. Maxitransfers agreed, among other things, to pay a civil money penalty in the amount of $500,000.00. The company provides remittance transfers using six retail branches and a network of more than 1,600 independent third-party agents in the United States, and more than 19,500 third-party payment locations in Mexico and other countries in Central and South America. As a remittance company, Maxitransfers is a covered entity under the Consumer Financial Protection Act (CFPA), 12 U.S.C. §5531, and by the nature of its business it is subject to the Electronic Fund Transfer Act (EFTA) 15 U.S.C. § 1693 et seq.


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