The Consumer Financial Protection Bureau proposed robust protections for consumers that use prepaid products. Many consumers have turned to these products as a replacement for more traditional banking services. The CFPB is proposing rules to provide similar protections for prepaid products as those in place for traditional banking transactional account based products. The CFPB’s proposal includes a new disclosure for prepaid products in addition to new protections for consumer liability for stolen cards, error resolution, and free access to account information.
You can find a sample of the proposed disclosure here.