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CBA Statement on CFPB Proposed Rules on Prepaid Products
Washington, D.C. (November 13, 2014) – CBA’s President and CEO Richard Hunt issued the following statement after the CFPB announced their proposed rule on prepaid products:
“Prepaid cards improve access to financial services for consumers and empower them with a convenient and low cost product. CBA has long supported clear and informative disclosure of fees and account terms for prepaid cards and we support regulation protecting consumers without stifling innovation. Accordingly, we support the proposed application of Regulation E to prepaid card products with minor exceptions to ensure prepaid cards maintain the value afforded to consumers. Many prepaid providers already voluntarily apply these protections and we look forward to working with the CFPB to ensure consumers are provided with safe and effective financial service products at reasonable terms and suited to sustain the viability of the prepaid product. CBA continues to review the proposed rule and how it may affect the prepaid marketspace.”
Founded in 1919, 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 well over half 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.