In November 2014, Morrison & Foerster published the client alert "Sweeping Prepaid Card Proposal Issued by CFPB."
Summary:
Today, the CFPB issued its long-awaited proposed rule to further regulate prepaid card products (the "Proposed Rule"). The Proposed Rule was the topic of discussion at a field hearing in Wilmington, Delaware, which featured remarks from CFPB Director Richard Cordray and testimony from consumer groups, industry representatives, and members of the public. The CFPB also issued a study on prepaid account agreements.
Click here to read the full alert.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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