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 Senior Editor of Bank Innovation and Senior Director of INV Fintech. He began covering financial services in 2012 and has more than 15 years' experience in online journalism. He can be reached at pryan@royalmedia.com.

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