MoneyGram COO Hilary Jackson Stepping Down

MoneyGram has announced the departure of Chief Operating Officer Hilary Jackson, who is set to leave the position Monday (May 2).

According to a Securities and Exchange Commission filing, Jackson’s responsibilities have been assigned to other executives at MoneyGram.

Jackson was named COO of the payments firm in April 2021, according to a news release from MoneyGram. Prior to that, she served as COO at Selene Financial, following a five-year stint at Capital One, where she worked as head of technology for the company’s top-of-house products and head of home loan servicing.

Jackson also spent 12 years at Bank of America, serving in various executive roles in the bank’s mortgage business.

Learn more: MoneyGram Gets Ready to Fight ‘Meritless Lawsuit’

Her departure comes as MoneyGram is preparing to fight what it calls a “meritless” lawsuit by the Consumer Financial Protection Bureau (CFPB) and the New York Attorney General (NYAG) that claims it failed to provide timely payments to overseas recipients.

The federal lawsuit argues that as one of the country’s largest international money transfer services, MoneyGram engaged in unfair practices which “largely impacted immigrant communities who relied on the company to send money back home to loved ones,” according to a news release from New York Attorney General Letitia James’ office.

“MoneyGram is a nonbank financial services company that enables consumers to send money, known as remittances, from the United States to more than 200 countries and territories,” the release said. “The company has 430,000 locations in the U.S. and worldwide, and also operates through a digital platform.”

See also: MoneyGram Finds $1.8B Suitor in Madison Dearborn

The suit asks for monetary relief for impacted consumers, an injunction to prevent further violations, and the imposition of civil penalties.

MoneyGram, which earlier this year agreed to be acquired by equity firm Madison Dearborn Partners for $1.8 billion., has said it is ready to “vigorously defend itself” and “expose the meritless nature of the lawsuit in court.”