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UniRush and Mastercard ordered to pay $13m over RushCard outage

Paying the fine

In its first enforcement action against prepaid providers, the Consumer Financial Protection Bureau (CFPB) has announced that UniRush and Mastercard will pay a combined $13 million for a 2015 service disruption that left cardholders without access to their funds.

Top fintech stories this week – 3 February 2017

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Catch up on Banking Technology’s top five fintech stories of the week – all in one place!

Western Union to pay $586m fine for money transfer fraud

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Western Union has admitted turning a blind eye as criminals used its money transfer services to launder money and commit fraud. It has agreed to pay a $586 million fine to the US authorities.

Barclays fined again for “widespread” failure to keep records

Barclays has been fined for its failure to keep electronic records

Barclays has been fined $3.75 million by the US Financial Industry Regulatory Authority for its failure to keep electronic records, including emails and instant messages, which are required by law. The failure is the latest in a string of recent fines for the bank.

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