The Consumer Financial Protection Bureau (CFPB) is preparing restrictions on prepaid debit cards, a largely unregulated product that is flourishing even amid concerns about high fees and poor disclosures, the New York Times' DealBook blog reported today. While the consumer bureau’s new effort would not rein in most fees that come with the cards, like a $5 monthly maintenance fee, it would require companies to reimburse consumers for unauthorized charges. The CFPB today will also hold a hearing in Durham, N.C., that will feature testimony from consumer advocates and some of the largest companies in the card industry.
