As the gig economy and prepaid cards draw more people into mainstream banking, the card providers are increasingly competing with one another instead of simply moving people away from cash.
Mick Mulvaney’s unapologetic memo to staff about the Consumer Financial Protection Bureau’s mission headlined a spate of developments this past week as he continues to transform the agency. Here are the key developments.
The Consumer Financial Protection Bureau extended the effective date for its prepaid card rule to April 2019 and carved out an exception for arrangements where digital wallets are linked to a credit card.
Moments after the Consumer Financial Protection Bureau said it would reopen its mortgage disclosure rule, the bureau announced that the effective date for the prepaid rule would similarly be scrapped.
Green Dot's financial performance has improved substantially over the past year, enough for the prepaid card issuer to raise its outlook for the rest of the year.
