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ARTICLE · 09 MARCH 2016

The CFPB Publishes Report On Prepaid Card Complaints

Morrison Foerster
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Today, the Consumer Financial Protection Bureau ("CFPB") published its monthly complaint report, this time focusing on complaints about prepaid products.

United StatesFinance and Banking
Obrea Poindexter
Obrea Poindexter
Jeremy Mandell
Jeremy Mandell
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Today, the Consumer Financial Protection Bureau ("CFPB") published its monthly complaint report, this time focusing on complaints about prepaid products.

The complaint report notes that, as of February 1, 2016, the CFPB has handled 811,700 complaints across all consumer financial products. Only 4,300, or merely 0.5 percent, of these complaints related to prepaid products. Moreover, while the CFPB notes in its associated press release that "prepaid products are one of the fastest growing types of consumer financial products in the country," the report states that "prepaid card complaints showed the least month-over-month percentage increase [in complaints] (0 percent)."

A relatively low number of complaints were reported despite, according to the CFPB press release, a "large number" of prepaid product complaints received "in recent months" regarding Empowerment Ventures, LLC (the parent company of RushCard). Last fall, RushCard reportedly experienced

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