Before smartphones and digital wallets, a Georgia bank in the nineties partnered with a calling card provider to expand customer relationships and drive noninterest income.
The Consumer Financial Protection Bureau proposed further changes Thursday to its final rule on prepaid cards and is seeking public comment on whether to delay implementing it a second time.
The Pasadena, Calif., firm also reported growth in the number of active prepaid cards for the first time since the second quarter of 2015. Profits rose by 24%.
The fight over a Consumer Financial Protection Bureau rule adding new restrictions to prepaid cards is intensifying as some Republicans hope to overturn it before a looming deadline expires.
Prepaid card users have waited a long time for the basic protections that debit card customers take for granted. Congress should not throw them under the bus.
