The comment period to the CFPB’s Notice of Proposed Rulemaking for Prepaid Accounts (the “Proposed Rule”) closed in March, but 43 Members of Congress (42 Republicans and 1 Democrat) recently sent a letter to Director Cordray that contains four recommendations for changing the Proposed Rule. Members of Congress explain that prepaid cards are “safe and effective” and point to their use by the U.S. Department of Treasury in disbursing federal benefits. In this context, the Members of Congress state that their recommendations are intended to help maintain a “vibrant prepaid marketplace.”

The four recommendations address the scope, implementation deadline, consumer disclosures and overdraft requirements of the Proposed Rule.