WASHINGTON (3/2/16)--Complaints about prepaid products have risen in recent months, according to the Consumer Financial Protection Bureau’s (CFPB) complaint snapshot. The monthly snapshot also examined complaints from Texas and the Houston metropolitan area.
The CFPB is expected to issue a proposed rule concerning prepaid products this year, and the Credit Union National Association has been proactive in urging the agency to minimize the burden and associated compliance costs in any new proposal.
As of Feb. 1, the bureau has handled roughly 4,300 prepaid product complaints. Some of the findings in the snapshot include:
During its geographic focus on Texas, the bureau found: