CFPB orders prison banker to pay $6 million for charging inmates ‘unfair’ fees

JPay, a Florida-based company owned by the private equity firm Platinum Equity Partners, is a dominant provider of financial services to prisons, jails and inmates. The company provides former inmates with debit cards as they leave prison. The cards typically contain money that was seized when the former inmates were locked up, earnings from prison labor, or state benefits designed to help them get back on their feet.