The Center for Financial Services Innovation believes the overall prepaid card market has matured to point that federal regulators and the industry should adopt some policies designed to standardize general purpose, reloadable prepaid cards.
"The GPR prepaid card market has reached maturity and federal regulations are warranted," said Melissa Koide, the organization's vice president for policy. "However, this is not just a matter of making prepaid cards safer. Federal rules are good for the market overall, ensuring consistency and clarity for providers and consumers alike.
"We recognize GPR prepaid cards can provide consumers access to a range of important asset-building financial services, such as savings tools, thus putting consumers on the path to greater financial stability."
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