On Wednesday, the Pew Charitable Trusts released a report on general purpose reloadable (GPR) prepaid cards. The Pew report focused on GPR prepaid cards that can be used to make purchases, withdraw money from ATMs, and pay bills for consumers. Pew recommends that the CFPB adopt additional regulatory requirements on GPR prepaid cards.
The Missouri Credit Union Association and Credit Union National Association (CUNA) continue to monitor developments on prepaid cards. In July of this year, CUNA filed a comment letter detailing credit union concerns with the CFPB’s advance notice of proposed rulemaking on GPR prepaid cards and the potential application of Regulation E requirements.