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
We’ve finalized a rule to delay the general effective date of the prepaid accounts rule by six months, to April 1, 2018.
We are seeking comment on a proposal to delay the effective date of the prepaid accounts rule by six months.
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
Today, we took action against Mastercard and UniRush after preventable technological breakdowns in October 2015 left tens of thousands of RushCard users unable to access their money and without customer support.
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
Prepaid cards can look and act like other types of cards, but they haven’t always had the same protections. Our new rule will help make prepaid cards and other prepaid accounts safer to use.