WASHINGTON The Consumer Financial Protection Bureau has its sights set on prepaid and debit cards offered to college students as such products are filling the gaps left by credit card issuers which have largely left the space, according to a study released by the agency Monday. Collection & Credit Risk
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. Project Catalyst is our initiative to encourage innovations that make financial products more consumer-friendly. The research will focus on saving behavior among low- and moderate-income prepaid card users [...]
WASHINGTON — The Consumer Financial Protection Bureau is set to go beyond industry expectations when it unveils a long-awaited proposal Thursday that would establish new requirements for prepaid cards. Collection & Credit Risk
Last March, we asked you to comment on possible prepaid card disclosures. Thanks to your feedback and additional consumer testing, today we’re proposing new disclosure requirements that consumers would receive before deciding to open a prepaid account. These new disclosure requirements are part of our larger prepaid accounts proposal to extend many federal consumer protections [...]
