October 06, 2016

Wall Street Journal quotes Andrew Bigart on CFPB’s prepaid card rules

1 min

Venable counsel Andrew Bigart was quoted in an October 6, 2016 Wall Street Journal article on the Consumer Financial Protection Bureau's (CFPB) new rules for prepaid cards. The rules are similar to the protections granted to credit card users and apply to digital apps as well.

Bigart said prepaid companies will need to review their products and services to ensure they comply with the new rules. "You’re going to see some challenges with regards to the packaging of prepaid cards in order to comply with the disclosure requirements," he said. He added that firms will have to help customers with fraud complaints and hire additional staff to communicate with users who typically do not deal with banks.