Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CFPB seeks design help for prepaid card disclosures
WASHINGTON (3/20/14)--The Consumer Financial Protection Bureau was in Los Angeles this week to conduct consumer-interview testing of potential disclosures it may propose for use on the packaging of prepaid cards. The consumer testing effort was launched last month in Baltimore.
 
Click for slide showForm 1 (click to view Form 2)
The agency intends to conduct more tests around the country by the end of April before it settles on a disclosure plan. Last year, the CFPB identified prepaid card regulation as a 2014 priority.
 
The CFPB is developing a model disclosure form to standardize the disclosures so consumers can make side-by-side comparisons of the many products offered.  Currently, each prepaid card company's retail package discloses different information in different styles and using different formats to do so--making product comparisons challenging at best.
 
It is consumer-testing two model forms.
 
In a blog posting this week, the CFPB says it's developing the standardized disclosure form to include in an upcoming proposed rule. "We want our model form to clearly present a prepaid card's most important fees so you can easily identify the best prepaid card for your needs."


RSS print
News Now LiveWire
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
10 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
10 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
11 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
12 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
13 hours ago