April 22, 2022, 12:00 a.m. • News and Promotions~MoneyGram in the News|Innovation~Technology|Security~Privacy
As the industry leader in compliance and consumer protection, MoneyGram is deeply disappointed that the CFPB and NYAG chose to file yesterday's meritless lawsuit and that the CFPB chose to issue two press releases littered with gratuitous and inaccurate statements about the Company and the allegations in the case. The Company is fully prepared to vigorously defend itself and expose the meritless nature of the lawsuit in court.
MoneyGram cares deeply about its customers and is committed to consumer protection. Over the past decade, the Company has invested more than $800 million to enhance its compliance program and doubled the size of its compliance team to build a best-in-class program with record-low consumer fraud complaints. MoneyGram also created a Compliance and Ethics Committee of the Board of Directors that actively oversees the Company's compliance function, and the Company continuously implements enhancements to ensure that it meets and exceeds industry best practices.
In connection with the filing of yesterday's complaint, the CFPB director unfortunately chose to issue two press releases that made gratuitous and unfounded public remarks against the Company. However, the actual allegations in the complaint fail to live up to the hyperbolic statements about the Company. In contrast to the CFPB's public statements, the complaint itself alleges only technical and time-barred infractions of the Remittance Rule and Regulation E and fails to demonstrate any consumer harm or programmatic non-compliance in this regard.
MoneyGram stands behind its compliance program and its treatment of customers - as demonstrated by our strong customer experience scores, 4.9-star rated app, consumer trust ratings and remarkably high customer retention rates. We look forward to vigorously defending our compliance program and commitment to consumers in court.