Deception Concerns Loom Large At CFPB Over Prepaid Cards
Law360, New York (December 15, 2014, 12:08 PM EST) -- Created in 2010, the Consumer Financial Protection Bureau is an independent bureau in the Federal Reserve system with oversight authority for federal consumer compliance rules. The CFPB has focused its rulemaking and enforcement authority on traditional consumer financial products and institutions, including consumer credit card issuers, mortgage brokers and insurers, debt collectors and student loan lenders. Recent rulemaking suggests the CFPB is expanding its oversight to high-tech financial products and services to capture how an increasing number of Americans make payments and save money in the 21st century. Silicon Valley favorites like PayPal Inc., Google Wallet, Venmo, Square Cash, and potentially even Bitcoin wallet providers, appear to be targets of the CFPB's latest proposed regulations. This article addresses the proposed rule's scope of covered products, consumer and industry response and implications for providers of prepaid cards and related products....
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