IDG Contributor Network: Heads up, processors: Feds declare consumers' right to access their money

When the Consumer Financial Protection Bureau (CFPB) hit Mastercard and UniRush with a $13 million bill on Wednesday (Feb. 1), it was sending a message that even a temporary denial of consumers' access to their money is unacceptable.

In a heads up for IT, CFPB officials specifically focused on a lack of prelaunch testing, which is typically an IT role. Mastercard and UniRush "acted unfairly by failing to properly prepare for the change in processors and failing to adequately test the new system," said CFPB Director Richard Cordray.

This all stems from October 2015, when a transition in payment processors glitched, blocking tens of thousands of consumers from accessing their money — although the two companies denied it at the time.

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