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Trans-Fast Remittance LLC

On August 31, 2020, the Bureau issued a Consent Order against Trans-Fast Remittance LLC (Trans-Fast). Trans-Fast, which until recently was a remittance transfer provider, is based in New York, New York and licensed in over 30 states. The Bureau found that Trans-Fast violated the Electronic Fund Transfer Act and the Remittance Transfer Rule by failing to adhere to error resolution requirements and properly respond to cancellation requests, failing to provide required refunds, failing to maintain required policies and procedures, and failing to provide required disclosures. The Bureau also found that Trans-Fast engaged in deceptive acts or practices in violation of the Consumer Financial Protection Act of 2010 by making misleading statements in advertisements regarding the speed of its remittance transfers, and making misleading statements in disclosures purporting to limit consumers’ error resolution rights. If Trans-Fast resumes offering remittance transfers, the consent order requires Trans-Fast 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 Trans-Fast to pay a civil money penalty of $1.6 million.

Press release

Consumer Financial Protection Bureau Settles with Remittance Transfer Providers for Remittance Transfer Rule Violations

Important documents

Consent order


Case docket

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