Prepaid Card Disclosures Coming Soon
The CFPB is developing a model disclosure form for prepaid cards.
The Consumer Financial Protection Bureau (CFPB) is developing a model disclosure form for prepaid cards.
The CFPB plans to issue the model this spring, along with a proposed rule on general purpose reloadable (GPR) prepaid card products. The proposal would follow up on the agency's 2012 Advance Notice of Proposed Rulemaking on GPR prepaid cards.
Each prepaid card company's current retail package discloses different information, which makes it difficult for consumers to compare fees, according to the CFPB. Use the agency's credit card agreement database to compare current disclosures, and view CFPB's model form that aims to standardize disclosures.
The agency seeks feedback from the public on the possible model disclosures online, and via email, Twitter, and/or Facebook.
The CFPB is also conducting interview-testing with consumers around the country to determine which versions of the forms work the best.