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CFPB Releases Two Potential Prepaid Card Disclosure Designs

Posted on 3/20/2014

The Consumer Financial Protection Bureau released yesterday two potential designs for the packaging of prepaid card products. Currently, credit card companies disclose information differently on the packaging, which makes it harder for consumers to compare fee information between the different cards.

"To help us design this model disclosure, we're conducting interview testing with consumers around the country. We're presenting testing participants with versions of the forms we've developed to see which works the best. Our first round of testing took place last month in Baltimore, MD, our second round of testing begins today, and we expect to complete the testing in April," the CFPB said.

The CFPB is asking for consumers to weigh in through social media to choose which model provides better information.

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