Cash
$4,750,000 Guaranteed Income Program To Distribute Cash to Citizens Across One US State
A multi-million dollar guaranteed income pilot program is preparing for launch after a US state’s executive and legislative branches gave the green light.
The new initiative is designed to help citizens living in the low-income bracket in California.
The program, tentatively known as “Guaranteed Income Older Adults,” will target individuals who are 60 years of age or older residing in the state, and who are either eligible for or receiving a means-tested benefit of some kind from the government.
The California Department of Social Services (CDSS) says the total funding for the pilot program, which is catered for in California’s budget for the 2024/2025 fiscal year, will be $4.75 million.
Amid plans to roll out the guaranteed income pilot program, the CDSS says it held community listening sessions last year.
Some of the recommendations received include setting a minimum payment of $500 per month for at least half a year.
The CDSS says the minimum number of participants recommended for the pilot program was 200. A recommendation was also made to give the participants liberty to decide whether they want recurring payments, in a lump sum or a combination of both.
Ahead of the rollout of the Guaranteed Income Older Adults pilot program, the CDSS is now seeking a public or private nonprofit organization to run the project for three and a half years.
Those applications must be submitted by April 9th and the chosen application will be announced on June 25th.
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$735,000 To Be Handed Out After Billion-Dollar Firm Allegedly Froze Bank Accounts, Forced Customers To Pay ‘Outrageous’ Fees
A billion-dollar fintech firm is preparing to send a total of $735,000 to tens of thousands of customers in a major settlement with regulators.
New York Attorney General Letitia James says she’s secured more than $1 million from Netspend.
The AG’s office says the firm, which provides reloadable debit cards and payroll cards, violated numerous consumer protection laws and charged “outrageous” interest rate fees, hurting predominately low-income New Yorkers.
“For years, the company illegally froze its customers’ accounts and turned over their funds, which should have been protected, to debt collectors instead.
Netspend also charged illegal fees on its debit and payroll cards that cost customers hundreds of thousands of dollars, and operated a paycheck advance program that charged customers illegally high interest rates.”
The firm has agreed to distribute the $735,000 and change its policies to comply with New York’s consumer protection laws.
The firm will also pay over $350,000 in penalties directly to the state.
People with active debit or payroll accounts at Netspend will have their accounts credited for restitution, and anyone without active accounts is expected to receive checks in the mail directly from the company.
Netspend’s consumer business was acquired by Rêv Worldwide and Searchlight Capital Partners for $1 billion in 2023, and they operate the firm under a new parent company called Ouro.
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