Op-Ed Argues for Rescission of CFPB Prepaid Cards Reg Because It Gives Same Protections Credit Cardholders Have

by Jeff Sovern

Earlier, Allison posted a link to an op-ed opposing rescission of the CFPB's prepaid card rule. For readers who would like to hear what opponents of the prepaid card rule argue, here is an op-ed in The Hill by Andrew Langer of the Institute for Liberty (I wonder who provides their funding). Excerpt:

 [T]he rules seek to impose the same kinds of regulations on prepaid cards that have applied to credit cards and checking accounts. Implementing those requirements on prepaid cards will increase the cost of providing such services to consumers, directly leading to higher costs for consumers who use prepaid card services.

Imagine that!  Giving the users of prepaid card the same protections that credit cardholders and checking account customers have! What were they thinking?

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