Envios de Valores La Nacional Corp.
On December 21, 2020, the Bureau issued a consent order against Envios de Valores La Nacional (La Nacional). La Nacional provides remittance transfers to several countries overseas through a network of branches and over 1,400 agents. La Nacional also has provided international bill pay services. The Bureau found that since the 2013 effective date of the Remittance Transfer Rule, La Nacional engaged in thousands of violations of the Electronic Fund Transfer Act and the Remittance Transfer Rule by: failing to properly honor cancellation requests, failing to develop and maintain required policies and procedures for error resolution, failing to investigate and make error determinations, failing to provide consumers with written reports of its investigation findings, failing to refund certain fees and taxes, failing to treat international bill pay services as remittance transfers, failing to disclose the appropriate currency on prepayment disclosures and receipts, failing to use the term “transfer fees” or a substantially similar term in certain disclosures, and issuing receipts that failed to disclose the date on which remittance transfers would be available for pick-up. The consent order requires La Nacional to adopt a compliance plan to ensure that its remittance transfer acts and practices comply with all applicable Federal consumer financial laws and the consent order. The order also requires La Nacional to pay a civil money penalty of $750,000. This is the fourth action stemming from a Bureau sweep to address violations of the Remittance Transfer Rule.