Prepaid Card Law Not Needed With CFPB, Advocates Say

Law360, New York (March 14, 2012, 5:31 PM EDT) -- Consumer advocates and representatives of the prepaid card industry on Wednesday told a U.S. Senate panel that the Consumer Financial Protection Bureau had all the authority necessary to regulate the products, and that legislation to do so was not necessary.

In testimony before the Senate Banking Committee's subcommittee on financial institutions and consumer protection, Morrison & Foerster LLP partner Rick Fischer said that because most prepaid card providers are already required to comply with existing consumer protection and banking regulations, the legislation is not necessary....
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