Senator MarkWarner (D-Va.) Thursday proposed legislation that would mandate more detailed fee disclosuresfor prepaid debit cards.

Citing the reported large numbers of prepaid debitcards which were used to make purchases during the holidayseason or were gifts themselves, Warner argued when introducing thePrepaid Card Disclosure Act of 2014 that the cards' explosivegrowth demanded greater consumer protections.

“Greater transparency of fees in a consistent way will empowerconsumers to make more informed decisions before purchasing orusing one of these prepaid products,” Warner, a majority partymember of the Senate Banking Committee, said. “These reloadablecards are popular as gifts, and many parents send their childrenoff to college with them. As they become more prevalent in oureconomy, it just makes sense that consumers should have access tothe same information that we require with gift cards and most majorcredit cards.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.