Tag Archives: Prepaid Accounts

CFPB’s Monthly Complaint Report Focuses on Prepaid Account Complaints

On October 25, 2016, the Consumer Financial Protection Bureau (CFPB) released its monthly complaint report.  For the month of September 2016, the products and services receiving the most complaints were debt collection, credit reporting, and mortgages.  These three topics collectively represented almost two-thirds of the complaints submitted.  Notably, debt collection complaints declined by 24 percent and … Continue Reading

CFPB Issues Final Prepaid Accounts Rule

On October 5, 2016, the CFPB issued its long-awaited final prepaid accounts rule. The rule applies to traditional prepaid cards, such as general-purpose reloadable cards, as well as a variety of other products, including mobile wallets, person-to-person payment products, payroll cards, student financial aid disbursement cards, tax refund cards, and certain government benefits cards, such … Continue Reading