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The CFPB Publishes Report on Prepaid Card Complaints

Posted in CFPB

On March 1, the CFPB published its monthly complaint report, this time focusing on complaints about prepaid products.

The complaint report notes that, as of February 1, 2016, the CFPB has handled 811,700 complaints across all consumer financial products. Only 4,300, or merely 0.5 percent, of these complaints related to prepaid products. Moreover, while the CFPB notes in its associated press release that “prepaid products are one of the fastest growing types of consumer financial products in the country,” the report states that “prepaid card complaints showed the least month-over-month percentage increase [in complaints] (0 percent).”

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