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CFPB Asking Consumers to Help Design a New Disclosure for Prepaid Cards
Wednesday, March 19, 2014 6:55 AM

The Consumer Financial Protection Bureau is reportedly developing new disclosures as part of a larger project that will provide a variety of protections for prepaid card users. The agency expects to propose a rule on this topic later this spring. To help the agency design this model disclosure, they are conducting interview testing with consumers around the country, and presenting testing participants with versions of the forms they’ve developed to see which works the best.

The CFPB is asking consumers if they think the agency’s model forms do a better job of disclosing fee information compared to other forms they’ve seen on prepaid card packaging. The CFPB says it is eager to get feedback from anyone who is interested in making prepaid card disclosures better. The model forms are posted on the CFPB’s website, and consumers can comment on this page, or they can tweet, post a message on the agency’s Facebook page, or send an email.