The sky is not falling—at least yet. The ability of the Consumer Financial Protection Bureau (CFPB) to supervise smaller banks (less than $10 billion in assets) and other companies providing prepaid cards to consumers is currently limited. For participants in the prepaid industry, the CFPB’s current supervisory jurisdiction is limited to companies providing services for larger bank issuers and companies that find themselves in the CFPB’s crosshairs because the CFPB has concluded, most likely on the basis of consumer complaints, that their card program poses a risk to consumers. However, the CFPB’s enforcement authority is not limited in this way. ...

Related Practices

Consumer Financial Services
Mortgage Banking