NetSpend Settles FTC Charges

NetSpend Corporation has agreed to settle Federal Trade Commission allegations that the prepaid card company deceived people about access to funds deposited on NetSpend debit cards.

The Commission vote approving the stipulated final order was 2-1, with Acting Chairman Ohlhausen dissenting and issuing a statement. Commissioner McSweeny also issued a statement. On March 31, 2017, the Commission filed a stipulation requesting entry of the order in the United States District Court for the Northern District of Georgia.

NOTE: Stipulated final orders have the force of law when approved and signed by the District Court judge. Then-Commissioner (and former Chairwoman) Edith Ramirez registered a vote in the affirmative for the motion to approve this settlement before she left the Commission.

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