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CFPB Wants New Rules for Prepaid Card

Posted on 5/23/2012

The Consumer Financial Protection Board (CFPB) is soliciting public input on creating new rules under Regulation E for "general purpose reloadable (GPR)" prepaid cards, "including their costs, benefits, and risks to consumers."

The Advance Notice of Proposed Rulemaking "does not seek information about ‘closed loop' cards, debit cards linked to a traditional checking account, non-reloadable cards, payroll cards, electronic benefit transfers (EBTs), or gift cards," the CFPB said.

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