WASHINGTON (Legal Newsline) — The Federal Trade Commission (FTC) announced March 31 that NetSpend Corporation, a prepaid card company, will settle allegations of deceiving consumers about access to funds deposited on debit cards.
The FTC voted 2-1 to approve the stipulated final order. Acting chairman Maureen Ohlhausen dissented and issued a statement.
“I dissent from this settlement for two reasons," she said. "First, the majority fails to consider the context of NetSpend’s representations in concluding that NetSpend made false claims to consumers. Second, the settlement order imposes monetary relief unrelated to NetSpend’s allegedly deceptive advertising.”
The FTC filed a stipulation requesting entry of the order in the U. S. District Court for the Northern District of Georgia. Before leaving the FTC, former Chairwoman Edith Ramirez had voted to approve the settlement.