Though it took nearly two years to finalize, the rule for prepaid card accounts issued today by the Consumer Financial Protection Bureau looks substantially like the proposal issued in November 2014.
The bureau said it listened to the more than 65,000 comments it received on the proposal, and did make substantive changes to aspects of its disclosure forms. Yet much of the policy decisions that drove the rule through its proposal remain intact.
Read on for a look into the rule, with insight from the CFPB about its decision-making for the prepaid card industry, particularly in light of high-profile outages over the past two years.