Prepaid

CFPB begins testing new prepaid packaging disclosures

cfpbThe CFPB is currently considering proposing new prepaid packaging disclosures that will help consumers shop by comparison.

The regulator said on Tuesday it will propose a rule to standardize the disclosures after it finishes interview testing with consumers. In its second round of testing, consumers across the country will receive test versions of the forms under consideration. The testing is expected to be completed in April.

Model form designs under consideration by the CFPB are available on the agency’s website. One displays common fees, such as monthly fees, cash reload fees and ATM withdrawal fees, in a bold header at the top of the disclosure. The second provides a list view of categorized fees.

The CFPB has requested feedback from consumers on whether the models are easy to understand, additional comments and suggestions or whether the models contain any confusing or misleading information.

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