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ARTICLE · 23 NOVEMBER 2014

NBPCA Issues Statement Regarding CFPB’s Proposed Rules For Prepaid Cards

Troutman Pepper Locke LLP
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On November 13, Doug Bower, President and Director of the Network Branded Prepaid Card Association (NBPCA), issued the following statement regarding the CFPB’s comprehensive slate of consumer-protection rules for prepaid debit cards:

United StatesFinance and Banking
Scott Kelly
Scott Kelly
Michael Lacy
Michael Lacy
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On November 13, Doug Bower, President and Director of the Network Branded Prepaid Card Association (NBPCA), issued the following statement regarding the CFPB's comprehensive slate of consumer-protection rules for prepaid debit cards:

We appreciate the CFPB's earnest efforts to gather information, analyze data, and draft a proposed rule that acknowledges that prepaid cards are a mainstream consumer focused product.

While the NBPCA and its member companies need time to fully digest all of the components in the CFPB's 870 page proposed rule, we welcome formalizing many standards that the industry has already embraced.  Formalized rules will give prepaid issuers the confidence to innovate and develop new features that capitalize on new technologies to reach a larger consumer audience and enhanced consumer protections will further contribute to the product's growth and give consumers the comfort that their funds will be protected.

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