Beyond the each day trouble plaguing the Ventra rollout consist a potentially a lot more unpleasant fact: The financial companion selected within the Ventra system appears to have a lengthy reputation of legal problems connected with prior participation in prepaid debit plans and other recreation.
Metabank, element of keeping organization Meta Financial team, Inc., had been chosen by Cubic as somebody during the prepaid debit credit portion of the program, in line with the CTA. Based in Storm pond, Ia., Metabank used to be called First Midwest monetary features always been tangled up in generating and operating electronic cost methods such as for example prepaid debit credit applications, in part through its Metapay part.
However, Metabank keeps practiced several legal and honest issues since 2004. Several of those troubles are linked to dilemmas such scam, doing deceitful business techniques into the subprime financing industry and right related to functioning a prepaid debit card system much like Ventra.
A quick review of Metabankaˆ™s publicly-available appropriate record shows:
Which results in another key concern: that which was the selection process the CTA utilized in selecting their partners when it comes to Ventra plan, and exactly what requirements was used in determing Metabank’s https://paydayloansexpert.com/payday-loans-il/ certifications? At the same time, exactly what oversight existed within the production of the whole Ventra regimen?
In the event the Chicago City Council decides to go on and hold hearings over problems with the rollout of Ventra plan, as some aldermen might like to do, thereaˆ™s apt to be an entire selection of concerns the council users can ask of authorities they name to testify.
Hereaˆ™s another good place to start out.
To some extent One of Ward Roomaˆ™s sets on possible town Council hearings on Ventra dilemmas, we checked reasons why CTA inserted into a collaboration with exclusive firms for Ventra. Simply Two, we analyzed methods Ventraaˆ™s banking partner is profiting from fees.