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Prepaid’s Summer Of Uncertainty

PYMNTS

It’s as quiet as a hot summer night, as the prepaid industry awaits the final ruling from the CFPB. And when it comes to the new rules, the CFPB mostly acknowledges that “blurriness” by treating the modern prepaid product and standard DDA account as essentially similar products. Who Uses Prepaid Anyway?

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What is the Truth in Lending Act (TILA)?

Fi911

The goal here is fostering fairness and transparency in credit transactions and helping consumers compare different lending options. TILA mandates that lenders disclose key information to borrowers before extending credit. TILA is enforced by the Consumer Financial Protection Bureau (CFPB).

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An Overview of Payment Regulation In The USA

Clearly Payments

Consumer Financial Protection Bureau (CFPB): Established in response to the 2008 financial crisis, the CFPB is tasked with protecting consumers in the financial marketplace. It aims to promote the informed use of credit and protect consumers from unfair or deceptive lending practices.