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
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.
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
Report Also Includes In-Depth Look at Consumer Complaints from North Carolina
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.
New Rule Includes ‘Know Before You Owe’ Prepaid Disclosures
Prepared Remarks of CFPB Director Richard Cordray to Corporation for Enterprise Development Assets Learning Conference
Good afternoon and thank you for inviting me today. It is good to be here with so many people who have similar goals and ideals. The thread that ties us together is our shared commitment to the goal of empowering the economically vulnerable among us. At the Consumer Financial Protection Bureau, we understand our ultimate goal is to make sure every consumer counts.
Project Also Finds Savings Persist After Offers End
Report Also Includes Look at Consumer Complaints from Texas and the Houston Metro Area WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaint snapshot, highlighting consumer complaints about prepaid products. The report shows that consumer complaints about prepaid products spiked in recent months as an increased number of […]
WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement in response to the RushCard situation, a prepaid card owned by UniRush LLC, in which many consumers have indicated that they have been unable to access funds in their accounts for more than a week: “The CFPB is taking […]
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) announced a Project Catalyst research pilot to analyze the effectiveness of certain practices designed to encourage positive saving habits. The research will focus on saving behavior among low- and moderate-income prepaid card users who often do not have access to traditional savings accounts and who may face unique challenges building regular saving habits.
Today, we are proposing a new rule to bring strong consumer protections to the prepaid market. Consumers need and deserve to be able to use sustainable products whose costs and risks are clear upfront, and where their money is protected. The proposed rule covers prepaid cards as well as mobile and electronic prepaid accounts that can store funds.
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) is proposing strong, new federal consumer protections for the prepaid market. The proposal would require prepaid companies to limit consumers’ losses when funds are stolen or cards are lost, investigate and resolve errors, provide easy and free access to account information, and adhere to credit card protections if a credit product is offered in connection with a prepaid account. The Bureau is also proposing new “Know Before You Owe” prepaid disclosures that would provide consumers with clear information about the costs and risks of prepaid products upfront.
Nonbank Products Include Debt Settlement and Credit Repair Services, Pawn and Title Loans WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is now accepting complaints from consumers encountering problems with prepaid cards, such as gift cards, benefit cards, and general purpose reloadable cards. Consumers can also now submit complaints about additional nonbank products, including […]
Today the Consumer Financial Protection Bureau (CFPB) announced that it is considering two requests for decisions on whether certain provisions of unclaimed property laws in Maine and Tennessee relating to gift cards are inconsistent with federal law on gift card expiration dates.
The Bureau’s Advance Notice of Proposed Rulemaking seeks input on how to ensure that consumers’ funds on prepaid cards are safe and that card terms and fees are transparent.