CFPB’s Upcoming Rule Aims to Protect Holders of Prepaid Cards [VIDEO]

  • Philip Ryan
  • November 9, 2016
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The future of regulations in banking may be uncertain pending the results of yesterday’s election, but one thing we know: On Oct. 1, 2017, a new rule will go into effect for prepaid cards, the CFPB announced last month. The rule will require transaction histories to be provided to users, transparent explanations of fees, and protections offered for fraudulent transactions.

Green Dot is in a quiet period before it announces earnings today, but this rule must loom large for the company, which created the prepaid category back in 2000.

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Philip Ryan is Associate Editor of Bank Innovation. He worked as a web developer for the Fund for the City of New York for six years, and was an HTML developer at Ocean-7 Development back in the go-go ’90s. He has more than 15 years' experience in online journalism. He can be reached at pryanrmg1@gmail.com.

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