Is your institution providing clear and conspicuous notice of fees? Are you consistently reviewing company marketing materials to ensure that all claims are accurate and supported with adequate substantiation?
The Florida Attorney General announced that Florida has
entered into settlement agreements with five prepaid debit card
companies following an investigation into allegations that
consumers supposedly were deceived about fees and misled into
believing that using the prepaid cards would improve their credit
scores. All the prepaid companies denied any wrongdoing but agreed
to pay a combined total of $115,000 to a charitable organization as
a part of the settlements. The prepaid card companies also paid the
Attorney General's costs and fees related to the action.
Notably, consumer complaints played a key role in the Florida Attorney General's decision to take up the investigation of these prepaid card companies. This is a reminder to use consumer complaints to identify potential UDAAP issues with your advertising, products, or services.
Notably, consumer complaints played a key role in the Florida Attorney General's decision to take up the investigation of these prepaid card companies. This is a reminder to use consumer complaints to identify potential UDAAP issues with your advertising, products, or services.
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