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TCH Comments on CFPB’s Proposal to Regulate Prepaid Accounts

The Clearing House submitted a letter to the Consumer Financial Protection Bureau (CFPB) on its proposal to regulate prepaid accounts. The Clearing House applauds the Bureau’s efforts to functionally regulate prepaid accounts, particularly given that many prepaid products are offered by non-depository companies that have not previously been subject to federal consumer protection requirements. The Clearing House believes that consumers should receive the same protections under consumer financial laws regardless whether the products and services they obtain are provided by a depository institution or a nonbank.