CFPB proposes delay to Prepaid Card Rule effective date

On March 9, 2017, the CFPB released a proposal to delay the effective date of its final rule govern prepaid accounts by six months. This proposal will push the effective date back from October 1, 2017 to April 1, 2018. Through ongoing discussions with companies in the prepaid industry, CFPB staff learned that some industry [...]

By | 2017-03-13T11:46:27+00:00 March 13th, 2017|CFPB Rulemaking, Prepaid Cards, Uncategorized|0 Comments

Mastercard and UniRush settle with CFPB for $13 million

On February 1, the CFPB entered into a consent order with Mastercard and UniRush for what the CFPB termed “preventable” breakdowns that left consumers unable to access their own money. UniRush, LLC, which is headquartered near Cincinnati, Ohio, is the program manager for RushCard. RushCard is a reloadable prepaid debit card co-founded by Russell Simmons. [...]

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