Field hearing on prepaid accounts in Wilmington, DE

CFPB Director Richard Cordray announced a proposal for strong, new federal consumer protections for the prepaid market. The proposal would require prepaid companies to limit consumers’ losses when funds are stolen or cards are lost, investigate and resolve errors, provide easy and free access to account information, and adhere to credit card protections if a credit product is offered in connection with a prepaid account. The Bureau is also proposing new “Know Before You Owe” prepaid disclosures that would provide consumers with clear information about the costs and risks of prepaid products upfront.

Wilmington, DE

Delaware Technical Community College 333 N. Shipley Street Wilmington, DE

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CFPB Director Richard Cordray announced a proposal for strong, new federal consumer protections for the prepaid market.

Agenda

Time Agenda Location Speakers
Opening Remarks Zixta Martinez, Associate Director of External Affairs, Consumer Financial Protection Bureau
Remarks by CFPB Director Richard Cordray, Director, Consumer Financial Protection Bureau
Panelist Introductions and Remarks Doug Bower, Executive Director, President, Network Branded Prepaid Card Association ; Cecilia Frew, Head of U.S. Prepaid Products, VISA ; Rashmi Ranga, Executive Director, Delaware Community Reinvestment Action Council; Lauren Saunders, Associate Director, National Consumer Law Center; Steve Streit, Chairman, Green Dot Corporation; Susan Weinstock, Director of Consumer Banking, The Pew Charitable Trusts
Audience Testimony Open microphone for public participation
Hearing Concludes