Senator Moves to Block CFPB Prepaid Card Rule Day After CFPB Fines Card Issuers for Harming Consumers

by Jeff Sovern

Who needs fiction when we have this?  Information about the resolution, introduced under the Congressional Review Act, and so filibuster-proof, is here.  It's sponsor is GOP Senator David Perdue of Georgia.  The CFPB's press release is here.  Here' s the first paragraph of the press release:

The Consumer Financial Protection Bureau today took action against Mastercard and UniRush for breakdowns that left tens of thousands of economically vulnerable RushCard users unable to access their own money to pay for basic necessities. In October 2015, a rash of preventable failures by Mastercard and UniRush meant that many customers could not use their RushCard to get their paychecks and other direct deposits, take out cash, make purchases, pay bills, or get accurate balance information. UniRush then failed to provide customer service to many consumers who reached out for help during the service breakdown. The CFPB has ordered Mastercard and UniRush to pay an estimated $10 million in restitution to tens of thousands of harmed customers. The CFPB also fined Mastercard and UniRush $3 million.

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