October 6, 2016Blog Posts

CFPB Adds Protections for Users of Prepaid Cards, Digital Wallets

Bloomberg BNA:

Federal consumer protections common to debit and credit cards will apply to broad sections of the prepaid card market for the first time under a new rule from the Consumer Financial Protection Bureau. The agency completed a rule Oct. 5 that requires prepaid products to make more detailed fee disclosures and allow consumers to have easy access to their account balances and transaction history. The final regulation, effective in October 2017, also sets limits on customer losses in case of lost or stolen cards.

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