On October 19, 2021, the Consumer Financial Protection Bureau (CFPB or the “Bureau”) entered into its first consent order under new Director Rohit Chopra, finding that a service provider to state correctional departments...more
10/27/2021
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debit Cards ,
EFTA ,
Enforcement Actions ,
Financial Services Industry ,
Inmates ,
Prepaid Payment Products ,
Prisoners ,
Processing Fees ,
Statutory Violations ,
Unfair or Deceptive Trade Practices
Mick Mulvaney’s CFPB has now issued final changes to its Prepaid Rule, and the payments industry receives a huge reprieve from some of the more draconian elements of the original rule as issued in 2016....more
RushCard will pay a total of $20.5 million to settle a lawsuit over an incident that resulted in thousands of consumers being shut out of their prepaid card accounts last October....more
The Consumer Financial Protection Bureau (CFPB) has had a busy few weeks, releasing the latest monthly snapshot of consumer complaints, publishing its Supervisory Highlights newsletter to reveal the Bureau has recovered $14.3...more
Why it matters -
A recent technical glitch for a major prepaid card could result in greater oversight for the industry as a whole. In October, consumers using prepaid RushCards were suddenly unable to access their funds....more
Why it matters -
The Consumer Financial Protection Bureau (CFPB) released a proposed rule that Director Richard Cordray said would “fill key gaps” for consumers regarding prepaid products. The 870-page proposal would...more
Expanding its collection of consumer complaints, the Consumer Financial Protection Bureau (CFPB) announced that it will now accept complaints regarding prepaid cards – including gift cards, benefit cards, and general purpose...more
Swipe Fee Settlement Yields More Litigation -
Although the parties reached a $7.25 billion class action settlement of the antitrust suit brought by merchants against Visa and MasterCard over swipe fees, the case is far...more
2/11/2014
/ American Express ,
Antitrust Litigation ,
Banks ,
Class Action ,
Deposit Advances ,
FDIC ,
Fees ,
MasterCard ,
Prepaid Payment Products ,
Toys R Us ,
Visa Inc ,
Visas