CFPB Seeks Comments on GPR Prepaid Cards

Posted on May 25th, 2012 in Consumer Finance, Federal Issues By BuckleySandler

On May 24, the CFPB made an advance notice of proposed rulemaking (ANPR) to solicit comments that it will use to evaluate general purpose reloadable (GPR) prepaid cards. According to the ANPR, the CFPB intends to issue a proposal to extend Regulation E requirements to GPR cards. This would mean that issuers of GPR cards would be subject to many of the requirements currently applicable to ATM transactions, POS terminal transfers, telephone bill-payment services, and other electronic funds transfer systems. Comments on the ANPR are due by July 23, 2012.