NBPCA Lobbies CFPB To Avoid Restrictive Prepaid Account Rules

On March 25, the Network Branded Prepaid Card Association ("NBPCA") announced that it had lodged a formal request with the Consumer Financial Protection Bureau to prevent the imposition of overly broad restrictions on prepaid accounts.  The NBPCA is a non-profit trade association that supports the growth and success of network branded prepaid cards and represents the interests of companies operating in this growing payments category.

According to the NBPCA, restrictions could limit consumer access to popular features and functionality, and potentially eliminate entire categories of prepaid cards from the market.  While it recognizes the CFPB's efforts to work with industry leaders during the rulemaking process, the NBPCA warned that additional efforts and dialogue are necessary to craft a workable rule for both consumers and the industry.