Prepaid card rules have been under fire ever since the Consumer Financial Protection Bureau (CFPB) put out its new regulations back in October 2016.
The new CFPB prepaid card rules wanted to treat prepaid cards the same as credit cards but received pushback since marketing efforts say their essential function is like that of debit cards. As such, the CFPB has put out new regulations and is welcoming comments.
Here are the numbers:
$50 or less | Amount of credit offered by prepaid companies that’s repaid within a few days
10 days | Time allotted for issuers to credit a cardholder’s account for disputed claims under October 2016 regulations. New regulations would remove this limit.
30 days | Waiting period outlined by October 2016 regulations in order to replenish a mobile wallet. The new revision links a mobile wallet to a money card or credit card with no delay.
June 15 | Date new proposal was published this year
45 days | Time period during which comments can be shared for possible amendments