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DealBook: Consumer Watchdog Plans Limits for Prepaid Debit Cards
The Consumer Financial Protection Bureau will impose new restrictions on prepaid debit cards, highly profitable products for banks that until now have been mostly unregulated.
Consumer watchdog focusing on prepaid cards
WASHINGTON (Reuters) - The consumer financial watchdog is turning its attention to the growing prepaid card market, announcing on Wednesday that it was seeking information about how to better regulate the industry. The cards are being used by more consumers each year, particularly low-income Americans, in place of traditional checking accounts. The amount of money loaded on these cards will rise ...
Consumer agency to target prepaid cards
The new federal consumer watchdog agency is considering drafting new rules governing transparency and safety in the rapidly growing market for prepaid cards . Consumer Financial Protection Bureau Director Richard Cordray said the cards have fewer regulatory protections than bank accounts and debit cards. The agency said it will focus rule-making on three key areas: disclosure of fees and terms ...
 
 
 
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