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TCH Encourages CFPB to Define GPR Prepaid Cards Narrowly

The Clearing House Association submitted a comment letter to the CFPB which encourages the Bureau to define general purpose reloadable (GPR) prepaid cards narrowly to include only prepaid cards that function as deposit account substitutes, to apply Regulation E to GPR cards in a similar manner as it applies to payroll card accounts (with some modifications), and to be mindful of the negative impact on innovation and consumer access that excessive regulation might have.