CFPB issues monthly consumer complaint report

Every year, tens of billions of dollars are sent both domestically and abroad through money transfer services. Consumers send funds in order to make payments and to help family and friends pay for important needs such as school fees, rent for elderly relatives, and other necessary living expenses. As of Sept. 1, 2016, the Bureau had handled approximately 6,900 money transfer complaints.

The MSBA notes that complaints regarding money transmission are down 11% and the total number of complaints noted by the CFPB is less than 1%.

For additional information about becoming a member of the MSBA, and joining our outreach efforts, email: info@msbassociation.org.