Date: March 23, 2015
Issue:CFPB
To: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protectin Bureau
Filing Type: Regulatory/ Coalition
Description: Prepaid products have been a great success story for consumers over the past decade. The Bureau should encourage the further adoption of these safe products by amending its proposal to allow well-informed consumers to select the products they want. An alternative approach that substitutes the judgment of the Bureau for consumers’ informed decisions will have harmful unintended consequences, most notably pushing consumers away from these products to riskier alternative financial services.