CFSI Comments On CFPB Advanced Notice of Proposed Rulemaking Regarding Electronic Fund Transfers (Regulation E)
Washington D.C., July 23, 2012
Rachel Schneider, Vice President, Innovation, Research, and Policy, submitted a letter in response to the CRPB's notice and request to comment on general purpose reloadable (GPR) prepaid cards including their costs, benefits, and risks to consumers.
The comment letter highlights the Compass Guide to Prepaid and CFSI's leadership in bringing it about to help prepaid providers deliver high quality services to consumers.
Schneider makes some suggestions on how to not only protect the consumer, but enact appropriate regulations for the provider, rather than overregulating. Schneider also highlights the Fee Box, which advocates for simple, clear language which providers can use to better disclose to their consumers.
Download the comment letter below.