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Federal Register / Vol. 86, No. 128 / Thursday, July 8, 2021 / Notices
lotter on DSK11XQN23PROD with NOTICES1

customers review of their pre-marked enrolled status in DCA.
To provide relief for consumers affected by TD Banks unlawful overdraft enrollment practices, the Bureaus consent order requires TD
Bank to provide an estimated $97
million in restitution to about 1.42
million consumers. TD Bank must also pay a civil money penalty of $25
million. The consent order also requires TD Bank to correct its DCA enrollment practices, stop using pre-marked overdraft notices to obtain a consumers affirmative consent to enroll in DCA, and adopt policies and procedures designed to ensure that TD Banks furnishing practices concerning nationwide specialty consumer reporting agencies comply with all applicable Federal consumer financial laws.
4.1.2 Sigue Corporation On August 31, 2020, the Bureau entered into a consent order with Sigue Corporation and its subsidiaries, SGS
Corporation and GroupEx Corporation.116 Sigue and its subsidiaries, which are all headquartered in Sylmar, California, provide consumers with international money-transfer services, including remittance-transfer services.
The Bureaus investigation of Sigue and its subsidiaries found that between 2013 and 2019, they violated EFTA and the Remittance Transfer Rule.
Specifically, the Bureau found that Sigue and its subsidiaries failed to refund transaction fees when they did not make funds available by the disclosed date of availability, and they failed to inform consumers of the remedies available for remittance errors.
When Sigue and its subsidiaries investigated remittance errors, they failed to report to consumers in writing the results of their investigations into transaction errors or consumers rights as required by the Remittance Transfer Rule. Sigue and its subsidiaries also failed to develop and maintain adequate written policies and procedures designed to ensure compliance with certain Remittance Transfer Rule errorresolution requirements and failed to comply with several Remittance Transfer Rule disclosure requirements.
The consent order against Sigue and its subsidiaries requires them to pay about $100,000 in consumer redress and a $300,000 civil money penalty. They must also implement and maintain written policies and procedures 116 A copy of the consent order is available at:
https files.consumerfinance.gov/f/documents/
cfpb_sigue-corporation_consent-order_2020-08.pdf.

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designed to ensure compliance with the Remittance Transfer Rule and maintain a compliance-management system that is designed to ensure that their operations comply with the Remittance Transfer Rule, including conducting training and oversight of all agents, employees, and service providers, and not violating the Remittance Transfer Rule in the future.
4.1.3 Lobel Financial Corporation On September 21, 2020, the Bureau issued a consent order against Lobel Financial Corporation Lobel, an autoloan servicer based in Anaheim, California.117
The Bureau found that Lobel engaged in unfair practices with respect to its Loss Damage Waiver LDW product, in violation of the CFPA. When a borrower has insufficient insurance, rather than force-placing CPI, Lobel places the LDW
product, which is not itself insurance, on borrower accounts and charges a monthly premium. The LDW product provides that Lobel will pay for the cost of covered repairs and, in the event of a total vehicle loss, cancel the borrowers debt. The Bureaus investigation found that, since 2012, Lobel charged customers LDW
premiums after they had become tendays delinquent on their auto loans but did not provide them with LDW
coverage. The Bureau also found that Lobel charged some customers LDWrelated fees that Lobel had not disclosed in its LDW contract.
The Order requires Lobel to pay $1,345,224 in consumer redress to approximately 4,000 harmed consumers and a $100,000 civil money penalty.
The consent order also prohibits Lobel from failing to provide consumers with LDW coverage or similar products or services for which it has charged consumers or from charging consumers fees that are not authorized by its LDW
contracts.
4.1.4 Envios de Valores La Nacional Corp.
On December 21, 2020, the Bureau announced a consent order with Envios de Valores La Nacional Corp. La Nacional based on the Bureaus finding that La Nacional violated EFTA and the Remittance Transfer Rule.118 La Nacional is a large remittance transfer provider incorporated in New York and
licensed in 15 states and the District of Columbia. La Nacional sent $2.2 billion in remittance transfers between November 2016 and April 2018 from the United States to recipients in several countries in Central America, South America, the Caribbean, and Africa.
The Bureau found that, since the 2013
effective date of the Remittance Transfer Rule, La Nacional has engaged in thousands of violations of the Remittance Transfer Rule. Specifically, the Bureaus investigation found that La Nacional violated EFTA and the Remittance Transfer Rule by failing to honor cancellation requests and failing to refund certain fees and taxes when funds were not available on time. The Bureau also found that La Nacional has failed to maintain appropriate error resolution policies and procedures, to adhere to error resolution requirements, and to provide consumers with reports of investigation findings. The Bureau further found that La Nacional has failed to treat international bill pay services as remittance transfers and to make proper disclosures in numerous instances.
The consent order requires La Nacional to pay a $750,000 civil money penalty and imposes requirements to prevent future violations. Under the terms of the consent order, in addition to paying a penalty, La Nacional must 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.
5. Signing Authority The Acting Director of the Bureau, David Uejio, having reviewed and approved this document, is delegating the authority to electronically sign this document to Grace Feola, a Bureau Federal Register Liaison, for purposes of publication in the Federal Register.
Dated: July 2, 2021.
Grace Feola, Federal Register Liaison, Bureau of Consumer Financial Protection.
FR Doc. 202114525 Filed 7721; 8:45 am BILLING CODE 4810AMP

117 A copy of the consent order is available at:
https files.consumerfinance.gov/f/documents/
cfpb_lobel-financial-corporation_consent-order_
2020-09.pdf.
118 The consent order is available at: https
files.consumerfinance.gov/f/documents/cfpb_
envios-de-valores-la-nacional-corp_consent-order_
2020-12.pdf.

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