CFPB’s Prepaid Card Rule Revisions Enhance Consumer Protections

January 25, 2018

WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt released the following statement after the Consumer Financial Protection Bureau (CFPB) announced that it has finalized amendments to its 2016 prepaid rule:

“Prepaid cards are an important tool for consumers seeking convenient, low-cost financial products to access their funds. The CFPB’s revisions, many of which were recommended by CBA, will go a long way towards ensuring consumers receive greater benefit and enhanced protections when using their prepaid cards,” said CBA’s President and CEO Richard Hunt.

NOTE: Among the revisions to the final rule announced by the CFPB today, CBA supported improvements to better protect consumers’ identities and provide consumers with greater flexibility to use federally protected digital wallet accounts to make every day purchases.

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About the Consumer Bankers Association

The Consumer Bankers Association represents America’s retail banks above $10 billion in assets. We advance legislation and promote policies geared toward creating a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.6 million jobs in America, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans. Follow us on Twitter @consumerbankers.