Federal regulators are probing the technical failures at RushCard, the prepaid debit card startup founded by hip-hop mogul Russell Simmons.
A statement from the Consumer Financial Protection Bureau on Friday revealed the regulator is looking into why, for more than a week, some consumers who rely on RushCard have been unable to access funds.
“The CFPB is taking direct action to get to the bottom of this situation that may have harmed thousands of innocent consumers already," said CFPB director Richard Cordray.
The Consumer Financial Protection Bureau plans to regulate prepaid credit cards.
After hundreds of thousands of RushCard customers were unable to access their money, the Consumer Financial Protection Bureau said Friday that it's taking "direct action" to "make consumers whole."
Russell Simmons (Photo by Scott Roth/Invision/AP) It's been a terrible week for users of RushCard, a prepaid debit card created by hip hop mogul Russell Simmons, ever since a "technology transition" went awry last Sunday and locked ...
It’s been nearly two weeks since Russell Simmons’ RushCard mysteriously froze their financial accounts and left their customers without access to their funds. Now, the Consumer Financial Protection Bureau is stepping in to suss out ...