PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

CFPB’s Proposal on Pre-Paid Account Cards

By at 23 March, 2015, 7:13 pm

Consumer Financial Protection Bureau  Proposal Regarding Prepaid Accounts 

On March 23, 2015, the Small Business & Entrepreneurship Council (SBE Council) joined a coalition of groups to comment on the Consumer Financial Protection Bureau’s (CFPB’s) proposal regarding prepaid accounts. In the letter, it was emphasized that payroll cards are beneficial for both employers and employees, therefore it is important that the final rule supports their continued success. We asked the Bureau to make modest revisions to its proposal to ensure that it does not discourage the use of this safe and beneficial product, including by the many American workers who otherwise would lack access to mainstream financial services.

Read the full comment letter here.

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