Prepaid Accounts Topic of Next Week’s CFPB Hearing (Nov. 3, 2014)
After a somewhat vague notice of its next field hearing, the CFPB updated its blog to specify that “prepaid accounts” will be the topic of the hearing, scheduled for 11 a.m. EST, Thursday, Nov. 13, in Wilmington, Del.—an exact location has not been given. The prepaid industry has long-awaited the CFPB’s Notice of Proposed Rulemaking for GPR cards and it’s widely anticipated that the field hearing will include or immediately precede the issuance of the NPRM.
The NBPCA has been invited to testify at the hearing, which will feature remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives and members of the public.
“I am excited about the opportunity to share with the CFPB how network branded prepaid cards have evolved to help fill the gap in traditional financial services. These bank-issued products offer strong protections and the flexibility to meet the payment needs among various consumers groups,” Doug Bower, NBPCA executive director and president, said in a news release. This event is open to the public, but RSVP is required to attend in person. Click here to send an RSVP via email.
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