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Richard Cordray
New rules would boost consumer protections for prepaid cards
New rules would boost consumer protections for prepaid cards

The nation's top consumer financial watchdog is taking aim at the booming but lightly regulated prepaid card industry with new rules to protect customers from the vagaries of bank-like operations. The proposal to be released Thursday by the Consumer Financial Protection Bureau would limit consumer losses to fraud and merchant mistakes, resolve errors more quickly and provide easy access to information about accounts and fees. Companies would have to send regular account statements or let consumers see them free online. They also would have to credit disputed funds back to consumers conditionally if the investigation drags on past a to-be-determined time. Customer liability would...

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