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Wednesday, May 23, 2012

Extending Regulation E Protection to Prepaid Cards

The CFPB filed an Advance Notice of Proposed Rulemaking (ANPR) requesting comments on general purpose reloadable (GPR) prepaid cards, as the bureau considers extending Regulations E protections to GPR cards.

Specifically the CFPB would like information regarding how prepaid cards work, including costs, benefits, and risks to consumers. The ANPR requests comment on ten broad questions regarding GPR cards which fall into four categories: regulatory coverage of products by some or all of Regulation E, product fees and disclosures, product features, and other information on GPR cards.

Comments will be due 60 days from the official publication of the ANPR in the Federal Register.

Read the ANPR.

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