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Federal regulators are probing hip-hop mogul Russell Simmons' debit card startup

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.
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