ETA Statement on the Consumer Financial Protection Bureau (CFPB) Ruling on Prepaid Accounts

October 4, 2016 – ETA statement on the CFPB’s prepaid account rulemaking, to be attributed to Scott Talbott, SVP of government relations, ETA:

“Despite recognizing that prepaid accounts are among the fastest growing consumer finance products, particularly among low to moderate income Americans, the CFPB today imposes unnecessary regulations that will limit or even eliminate valuable services for the underserved.  We will study the details of today’s massive rulemaking document, and we remain concerned that the CFPB has prioritized regulation over innovation.”

About ETA
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $5 trillion in purchases in the U.S. and deploying payments innovations to merchants and consumers. For more information, visit www.electran.org.

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