Trump CFPB Wipes Out Most of Wise’s $2 Million Civil Penalty (1)

The Consumer Financial Protection Bureau eliminated nearly all of a $2 million penalty it imposed on cross-border payments giant Wise Plc for advertising incorrect fees and failing to properly disclose exchange rates and other costs.

The US unit of London-based Wise will now pay only $45,000 to the CFPB’s civil penalty fund, the agency announced late Thursday—the latest instance of the Trump administration moving to alter or undo previously agreed-upon settlements.

Wise was still required to return $450,000 to harmed consumers under the amended consent order, matching the amount in the original settlement. The Jan. 30 order was ...