RushCard Parent Nabs CEO From Mozido

prepaid card

In a move at the top echelons of prepaid debit card company UniRush, which owns RushCard, a new chief executive officer is taking the reins.

As reported by several outlets, among them The New York Times, Ron Hynes, who up until now served as president of global markets at the digital wallet firm Mozido, is replacing Richard Savard. The announcement is expected to come on Thursday (July 7), according to NYT. Savard had been in the CEO role since 2014.

The C-suite shuffle is a move, said the paper, to “put a turbulent nine months behind” the company. Hynes told NYT that he had “passion for financial inclusion” and is eyeing the eventual debut of new products and services through RushCard. Russell Simmons, cofounder of RushCard, told NYT separately that those new introductions could include offerings to more affluent consumers and possibly in the realm of digital banking.

As has been widely chronicled, RushCard suffered through a systems conversion that essentially froze cardholder accounts and disallowed consumers from accessing their funds, for as long as a few weeks in some cases. The firm then agreed to settle with cardholders to the tune of $19 million. That amount was more than had been discussed as payment for those affected by, for example, bounced checks stemming from the temporary inaccessibility of the cards.

Prepaid cards have come under fire for technical glitches and also have been drawing scrutiny from lawmakers over concerns tied to disclosures of card terms and over liability and fraud concerns.