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Consumer Groups Praise New Rules on Prepaid Debit Cards

Thursday, October 13, 2016
Ricardo Quinto | Center for Responsible Lending
Graciela Aponte-Diaz

Consumer groups are praising the new rules on prepaid credit cards just released by the federal Consumer Financial Protection Bureau. The regulation goes into effect next fall and will make prepaid card issuers follow many of the same rules that apply to credit cards. Graciela Aponte-Diaz, a policy director for the Center for Responsible Lending, says low-income families, who may not have a bank account, often use prepaid cards.