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Washington
CFPB to accept prepaid card, nonbank product complaints
WASHINGTON (7/22/14)--The Consumer Financial Protection Bureau will now accept consumer complaints involving reloadable cards and nonbank services, it announced Monday. This includes gift cards, benefit cards and general purpose reloadable cards, along with debt settlement services, credit repair services, pawn and title loans and other nonbank products.

"By accepting consumer complaints about prepaid products and certain other services we will be giving people a greater voice in these markets and a place to turn to when they encounter problems," said CFPB Director Richard Cordray.

According to the CFPB, prepaid cards can have fewer consumer protections than debit or credit cards. In the coming months the bureau plans to issue a proposed rule aimed at increasing federal consumer protections for general purpose reloadable prepaid cards.

The CFPB also handles complaints about mortgages, bank accounts and services, private student loans, auto and other consumer loans, credit reporting, debt collection, payday loans, and money transfers.

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