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CBA Statement on the CFPB’s Final Prepaid Rule
Washington, D.C. (October 4, 2016) – CBA’s President and CEO Richard Hunt issued the following statement after the CFPB announced their final rule on prepaid products:
“Consumers need access to convenient, low-cost financial services products and prepaid cards are an important tool in servicing these needs. We welcome the proposed application of Regulation E to prepaid card products with minor exceptions to ensure these cards maintain the value afforded to consumers. That being said, the Bureau’s treatment of overdraft as a credit feature is troubling because it ignores years of precedent and leaves consumers with one less option for short-term liquidity coverage,” said CBA’s President and CEO Richard Hunt.
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.