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Volume 25 - Number 7

March 31, 2014

CFPB Working on Uniform Prepaid Card Disclosures, Rule Expected

CFPB staff members were in Los Angeles earlier this month to show interested members of the public a pair of potential disclosures the bureau may propose for use on the packaging of prepaid cards. “We’re developing new disclosures as part of a larger project that will provide a variety of protections for prepaid card users,” said Eric Goldberg, a counsel in the CFPB’s Division of Research, Markets & Regulations, in a recent blog post. The bureau is expecting to propose a rule on the topic later this spring. Currently, each prepaid card company’s retail package discloses different information, which makes it difficult to do side-by-side comparisons.

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.


No. It’s still difficult compliance/regulatory-wise.


Maybe. It’s under consideration.


Not now. But things could change as 2018 progresses.