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CFPB aligns prepaid oversight with credit card industry
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Banking, Consumer Protection
Friday, November 14, 2014
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Two years after saying it would initiate oversight of the prepaid card industry, the Consumer Financial Protection Bureau announced a proposed rule that would provide consumer protections for account users, including required new disclosures, access to account information, and fraud/theft protections. But the most notable decision was the bureau’s move to align overdraft and credit services for the industry with credit card issuing standards. Read on to find out why the bureau chose to push the prepaid industry toward credit cards and not toward traditional checking deposit protections.
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