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MoFo Reenforcement The Enforcement Blog

#ThrowbackThursday: Sweeping Prepaid Card Proposal Issued by CFPB

Posted in CFPB, Credit Cards, Regulatory Developments

In November 2014, Morrison & Foerster published the client alert “Sweeping Prepaid Card Proposal Issued by CFPB.”

Summary:

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.