Kathleen Ryan Quoted in Wall Street Journal Article, "Prepaid Cards' Growing Popularity Catches Regulator's Eye"
September 17, 2016
Kathleen Ryan was quoted in the Wall Street Journal on September 17, 2016, regarding the Consumer Financial Protection Bureau’s (CFPB) plans to roll out a regulatory rule pertaining to prepaid cards, also known as “general purpose reloadable” or “GPR” cards. The article discusses the increase in dollars loaded onto GPR cards– a figure that has nearly doubled since 2010 and is predicted to be almost $300 billion in 2016. The Wall Street Journal reports the regulation seeks to “police the market, which caters to tens of millions of Americans, many of whom are lower-income and have either no or limited access to regular bank accounts.”
Ryan commented that the CFPB’s planned regulation “underscores the bureau’s vision of making sure that people have certain baseline protection regardless of what financial tools they choose to use.”
Click here to read full article at www.wsj.com (subscription required).