CFPB’s Spring Agenda Includes General Use Cards (May 28, 2014)
The Consumer Financial Protection Bureau could release its long-awaited rules for general use prepaid cards next month. However, the CFPB’s semi-annual update of its rulemaking agenda for spring 2014, released last week, doesn’t specify a specific date in June when the notice might be issued, and some speculate that a June release is quite optimistic. The CFPB’s NPRM is expected to affect virtually all “general use” prepaid cards issued in the U.S.
The agency says it expects to build on its May 2012 Advance Notice of Proposed Rulemaking “to strengthen federal consumer protections for these products” by reviewing comments received as well as the results of consumer testing of model disclosures.The prepaid card industry has applauded the CFPB’s quest to be data-driven, but some have expressed concern over whether the agency will allow any flexibility in the way disclosures are presented.
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