The Consumer Financial Protection Bureau (Bureau) released today the results of a pilot study, Planning for tax-time savings, launched with the tax preparation company H&R Block that shows that simple messages encouraging customers to use their prepaid card to save at tax time increased the likelihood that they would do so.
Changes Provide More Flexibility and Extend Effective Date to April 2019
Consumer Financial Protection Bureau Statement On Prepaid Rule
Proposal Would Adjust Error Resolution Requirements and Provide More Flexibility for Credit Cards Linked to Digital Wallets
CFPB Orders Mastercard and UniRush to Pay $13 Million for RushCard Breakdowns That Cut Off Consumers' Access to Funds
Preventable Failures Left Tens of Thousands of Economically Vulnerable Consumers Unable to Pay for Necessities
Thank you all for joining me on this call. Today, the Consumer Bureau is taking action against UniRush, which administers the RushCard, and Mastercard, its payment processor. This action stems from a meltdown in October 2015, when tens of thousands of users of the RushCard found themselves locked out of their accounts.
Report Also Includes In-Depth Look at Consumer Complaints from North Carolina
New Rule Includes ‘Know Before You Owe’ Prepaid Disclosures
Thank you for joining us on this call. The Consumer Financial Protection Bureau today has finalized a new rule providing strong federal consumer protections for prepaid account users.