Thursday, October 6, 2016
On October 3, the Consumer Financial Protection Bureau announced new regulations that will strengthen consumer protections for prepaid accounts and cards. Basically, the regulations provide users with consumer protections that are akin those offered to checking account holders.
The new rules are effective as of October 1, 2017.
To read the 1689 page announcement and rule, see http://files.consumerfinance.gov/f/documents/20161005_cfpb_Final_Rule_Prepaid_Accounts.pdf