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Volume 25 - Number 24

November 24, 2014

Sweeping Changes for Prepaid Cards Under CFPB Proposal

The CFPB last week proposed sweeping changes for the booming prepaid card market, aiming to mandate new disclosures, error-resolution procedures, consumer liability limits for unauthorized transactions, fee limits, and added requirements for cards with overdraft or credit features. This proposal would apply a number of specific federal consumer protections to broad swaths of the prepaid market for the first time. The proposal would cover traditional plastic prepaid cards, many of which are general purpose reloadable cards. In addition, the proposal would cover mobile and other electronic prepaid accounts that can store funds. The prepaid products covered by the proposal also include: payroll cards; certain federal, state and local government benefit cards such as those used to distribute unemployment insurance, child ...

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