Senate Bill Would Boost Prepaid Card Fee Disclosures

Law360, New York (January 9, 2014, 5:17 PM EST) -- A Senate bill introduced Thursday would require issuers of prepaid cards to disclose all fees and other charges that consumers could incur while using them, a sign of increasing scrutiny of this burgeoning financial sector from federal regulators.

Under the Prepaid Card Disclosure Act of 2014 introduced by Sen. Mark Warner, D-Va., prepaid card issuers would be required to present customers with a clear, conspicuously displayed table of all potential charges that would be linked to a prepaid card prior to purchase.

Such disclosures would also...
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