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.”

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