"CFPB Issues Prepaid Cards Rule"

On October 5, 2016, the Consumer Financial Protection Bureau (CFPB) released its long-awaited rule covering prepaid cards (the Rule).  This Stroock Special Bulletin provides an overview of the Rule, which requires prepaid card providers to give consumers enhanced disclosures and other protections similar to traditional checking accounts, and requires those that offer associated overdraft and other credit features to provide protections similar to credit cards.