Pew Urges CFPB to Proceed With Prepaid Card Rules

Letter emphasizes that delay could leave millions of Americans at risk

Pew Urges CFPB to Proceed With Prepaid Card Rules
Pew Urges CFPB to Proceed With Prepaid Card Rules

The Pew Charitable Trusts filed a comment letter with the Consumer Financial Protection Bureau on April 3 in response to the CFPB proposal to delay implementation of its rules for prepaid cards. Consumers who rely on these alternative financial products need the permanent protections included in the rules to safely conduct transactions and to budget and save for themselves and their families. Although many prepaid card providers offer their customers certain protections voluntarily, until a rule is in place, these firms can alter or remove safeguards at will. Based on extensive research, Pew strongly recommends that the CFPB finalize and implement these vital protections for the millions of U.S. consumers who regularly use these products.