U.S. Consumer Agency May Focus Next on Prepaid Debit
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The Consumer Financial Protection Bureau may call for public comments on how to improve fee disclosure by issuers of prepaid debit cards, the fastest-growing segment of the payment-card industry, according to a Treasury Department official.
Rules could squeeze the $1.4 billion in fee revenue that firms such as Wal-Mart Stores Inc., Green Dot Corp. and NetSpend Holdings Inc. will collect by 2014, said Gwenn Bezard, research director of the Boston-based research firm Aite Group. Americans will more than triple the amount they put on the cards each year to $104 billion by then, Aite has calculated.