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CFPB calls out Sendwave app for ‘deceptive’ remittance claims
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Consumer Protection
Tuesday, October 24, 2023
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The
Consumer Financial Protection Bureau is ordering Chime Inc., which operates
under the name Sendwave, to provide redress for deceiving consumers about the
cost and speed of remittances through its Sendwave mobile application. In
addition to one charge of violating the Consumer Financial Protection Act, the
bureau has accused the nonbank fintech of multiple violations of the Electronic
Fund Transfer Act.
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