We are seeking comment on a proposal to delay the effective date of the prepaid accounts rule by six months.
Today, we took action against Mastercard and UniRush after preventable technological breakdowns in October 2015 left tens of thousands of RushCard users unable to access their money and without customer support.
Prepaid cards can look and act like other types of cards, but they haven’t always had the same protections. Our new rule will help make prepaid cards and other prepaid accounts safer to use.
An important part of the CFPB’s mandate from Congress is to make rules governing consumer finance markets more effective and to create new rules when warranted. Today, we’re posting a semiannual update of our rulemaking agenda as part of the federal government’s Unified Agenda of Regulatory and Deregulatory Actions.
Today, we’re releasing a report that looks at deals between financial institutions and colleges to market credit cards to students. This year we found that there are fewer schools marketing credit cards, and those that do are not making their agreements with credit card companies readily accessible to students.
We believe that consumers are more likely to save if they have access to the right tools. Today, we’re announcing that, as part of Project Catalyst, we’ll be working with American Express to evaluate practices to promote regular saving habits among prepaid card users.
Today, we’re posting a semi-annual update of our rulemaking agenda in conjunction with a broader initiative led by the Office of Management and Budget (OMB) to publish a Unified Agenda of Regulatory and Deregulatory Actions across the federal government. Our regulatory agenda includes rulemaking actions in the following stages: pre-rule, proposed rule, final rule, long term actions, and completed actions.
Today, we’re holding a field hearing on prepaid accounts Wilmington, Delaware. The event will feature remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. We’re livestreaming the event so you can follow along.
We’re proposing new disclosure requirements that consumers would receive before deciding to open a prepaid account. Currently, each prepaid card company’s retail package discloses different information in different ways. This can be confusing if you’re trying to compare costs between prepaid accounts. Learn more about how we’re making it easier to compare options.
Join us for a field hearing on prepaid accounts in Wilmington, Delaware.