CFPB Eyes Regulation For Prepaid Cards

Law360, New York (May 23, 2012, 4:40 PM EDT) -- The federal government's consumer finance watchdog on Wednesday said that it was considering new rules that would increase disclosure of fees on a popular type of prepaid card and require protections similar to those of checking accounts for the products.

The Consumer Financial Protection Bureau said that the rules it is considering aim to make general-purpose reloadable cards, which function in much the same way as debit cards attached to checking accounts, have the same protections built in as traditional bank account-linked products do.

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