In November 2014, Morrison & Foerster published the client alert “Sweeping Prepaid Card Proposal Issued by CFPB.”
Today, the CFPB issued its long-awaited proposed rule to further regulate prepaid card products (the “Proposed Rule”). The Proposed Rule was the topic of discussion at a field hearing in Wilmington, Delaware, which featured remarks from CFPB Director Richard Cordray and testimony from consumer groups, industry representatives, and members of the public. The CFPB also issued a study on prepaid account agreements.
Click here to read the full alert.