(NEW YORK) — Prepaid cards may face new federal regulations.
The Consumer Financial Protection Bureau has taken the first step Wednesday morning, asking for comments on how to make sure prepaid cards are safe and come with transparent terms.
Bureau Director Richard Cordray says the cards have fewer protections than bank accounts and debit cards.
Banks have been criticized for the expensive fees that come with prepaid cards.
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Paul R. La Monica, CNN
Parija Kavilanz, CNN
Patrick Ary, WAAY
Jackie Wattles, CNN