“‘This rule will give consumers, including people who rely on prepaid debit cards instead of a bank account, the basic protections they need to manage their finances more safely and securely,’ said Lisa Donner, executive director at Americans for Financial Reform. ‘When people learned it was under threat, they made the case that this rule is important and workable, and it looks like enough lawmakers paid attention.'”
“The Consumer Bureau’s continued progress on making financial markets fairer and safer confirms once again how important it is to have an independent and effective regulator with a consumer protection mission. The rule making prepaid cards fairer and safer is one more example of ‘unrigging’ the system for the American people, and it should be left in place.”
“We applaud the Consumer Financial Protection Bureau’s rule expanding consumer protections for prepaid cards. Americans will be better off because of the enhanced rights in case of loss, theft, and unauthorized charges, and the simple, clear fee disclosures the Bureau has put in place.”
With the new rules it proposed this week, the Consumer Financial Protection Bureau (CFPB) has moved to make the rapidly expanding world of prepaid and payroll cards a safer and more straightforward place. The CFPB’S proposal would limit, though not prohibit, overdraft programs that blur
Combing through a 1000-page contract, the Tribune found “some eye-opening fees.” Such as $2.95 for “reloading your account online using a credit card.”