Imagine perhaps perhaps not to be able to settle payments or make purchases that are important you simply can’t access your cash. ThatвЂ™s what happened to RushCard clients in 2015. The RushCard is a debit that is prepaid granted by UniRush LLC, situated in Cincinnati. For pretty much fourteen days, its clients couldnвЂ™t arrive at their cash. Fortunately for those customers, the customer Financial Protection Bureau (CFPB) forced UniRush to go back ten dollars million to thousands of clients вЂ“ including 17,000 Ohioans. To make certain this does not take place once more, the CFPB proposed laws on prepaid debit cards. Also though numerous Ohioans could be protected, Sen. Rob Portman is wanting to block them.
RushCard users flooded the Instagram, Twitter and Twitter records of Russell Simmons to complain about their inability to gain access to their funds. (Picture: AP file/Shawn Baldwin)
Congress developed the CFPB into the wake regarding the Great Recession as an element of the 2010 Dodd-Frank Wall Street Reform and customer Protection Act. Before that, there is no federal watchdog to protect folks from predatory lending or bad monetary actors. Continue reading “Portman has to stand up for users of prepaid cards”