Russell Simmons Issues Statement About Rushcard Money To Users

Earlier this month it was reported that Russell Simmons was in a lot of hot water after his shady Rushcard company was stealing money from poor cardholders.

Via NPR reports:

RushCard customers were unable to access their money due to what the company called a technical glitch, the federal Consumer Financial Protection Bureau has stepped in to “ensure a comprehensive response” to the situation.

“The CFPB is taking direct action to get to the bottom of this situation that may have harmed thousands of innocent consumers already.” Director Richard Cordray said in a statement Friday. “The CFPB has also engaged in discussions with fellow regulators, including the Office of the Comptroller of the Currency and the Federal Trade Commission, to ensure a comprehensive response that addresses the situation quickly and holds accountable all of the parties involved to make consumers whole.”

While RushCard, a financial company owned by hip hop mogul Russell Simmons, has said nearly all of the problems with its prepaid debit cards are resolved, there are still some customers who say they are having trouble.

Racquel Hudson, 27, of Chicago said she went nearly two weeks without being able to access her money before her account regained full function on Wednesday. She said her husband was still not able to access his account.

Many of RushCard’s customers are what the finance industry calls “underbanked” or “unbanked,” meaning they do not have enough money to sustain a checking account.
Smells like shady business, huh? Russell pleaded with cardholders to stop blasting him on social media and asked the users to stop calling the calling the Rush Card customer service line:
Russell says he welcomes the pending investigation by the Consumers Financial Protection Bureau after thousands of people lost their money:

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