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CFPB extends its reach to prepaid products

Joe Mont | October 5, 2016

The Consumer Financial Protection Bureau has finalized new rules for prepaid accounts—including innovative online and mobile offerings from PayPal, Google, Square, Dwolla, and Apple—and will require enhanced customer protections and "know your customer" requirements. Financial institutions will be required to limit consumers’ losses when funds are stolen or cards are lost, investigate and resolve errors, and give consumers free and concise access to account information.

The Bureau, on Oct. 5, also finalized new “know before you owe” disclosures demands for prepaid accounts to “give consumers clear, upfront information about fees and other key details.” Prepaid companies will also be required to offer protections, similar to those for credit cards, when customers are...

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