In Mobile, Payments, Regulation

August 11, 2017 – Today FIN filed comments in response to the Consumer Financial Protection Bureau’s proposed amendments to its new rule on prepaid cards.

The following statement is attributed to Brian Peters, Executive Director, Financial Innovation Now:

“The Bureau’s prepaid card rule was designed to fix problems with plastic cards. Digital wallets are new and far more dynamic, evolving quickly in many ways that can help further access to safe financial services. Additional flexibility from the Bureau would allow ongoing innovation and help achieve the Bureau’s goal to promote access. FIN strongly urges the Bureau to reconsider its one-size-fits-all technology mandate for digital disclosures, especially for free products, and offer more time to assess whether this rule permits needed innovation.”

FIN’s comments are available at the following link: http://financialinnovationnow.org/fin-comments-re-prepaid-amdendments-08-11-17-final/

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