Congresswoman Maxine Waters (D-CA), ranking member of the Financial Services Committee, applauded the Consumer Financial Protection Bureau (CFPB) for its newly proposed federal consumer protections for prepaid cards.
“Although many lower-income consumers are increasingly turning to prepaid cards to avoid high or unpredictable bank fees, consumer protections have not kept pace,” Water said. The CFPB protections would “ensure that Americans using prepaid cards are treated equally, and afforded the same consumer protections, as credit and debit card holders.”