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ARTICLE · 08 DECEMBER 2014

CFPB Issues Sweeping Proposal To Regulate Prepaid Financial Products

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On November 13, 2014, the CFPB proposed expansive federal regulations establishing requirements for prepaid financial products.

United StatesFinance and Banking
Joshua Davey
Joshua Davey

On November 13, 2014, the CFPB proposed expansive federal regulations establishing requirements for prepaid financial products. The proposed regulations cover "traditional" prepaid cards that can be loaded with money and used to store funds, make payments, withdraw cash, receive direct deposits, and send funds to others. According to the CFPB , consumers are expected to load nearly $100 billion onto general purpose reloadable cards in 2014. In addition, the proposed new regulations also cover payroll cards; certain federal, state, and local government benefit cards; student financial aid disbursement cards; tax refund cards; peer-to-peer payment products; and even mobile and electronic accounts that store funds.

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