FTC Input Likely To Propel Tougher Prepaid-Card Rules

Law360, New York (July 30, 2012, 9:02 PM EDT) -- The Federal Trade Commission on Monday urged the federal government's consumer finance watchdog to push forward with its proposed regulation of a popular type of prepaid card, a move attorneys say will spur the implementation of stronger consumer protections for this product, mirroring those for checking accounts.

In public comments dated July 23, the FTC staff supported the Consumer Financial Protection Bureau's May 24 proposal to solicit information about the expense and benefits of enhancing protections related to the costs and terms of general-purpose reloadable cards,...
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