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Consumer Bureau Asks for Input on Prepaid Cards

Consumer Bureau Asks for Input on Prepaid Cards

Submitted by jhartgen@abi.org on

The Consumer Financial Protection Bureau (CFPB) is asking the public to comment on some proposed changes to its rules for prepaid cards, The Hill reported today. Under the proposed changes, a consumer would have to register their prepaid card in order to dispute unauthorized charges and take advantage of the full slate of consumer protections provided by the rules. The bureau is also trying to make it easier for consumers to link traditional credit cards to digital wallets that can hold funds. Under the CFPB’s proposal, neither the linked traditional credit card nor the digital wallet would be subject to requirements for “hybrid prepaid-credit cards” — those that allow consumers to borrow funds — such as the required 30-day waiting period to link the account to the wallet.