Note from the CEO: Regulators are playing catch up and running behind. In their quest to save the consumer the regulators are going to slap a lot of new rules and regulations on prepaid debt cards. BUT, as the article points out, a replacement is waiting in the wings; bitcoin cards. Acts like a debt card, used like a debt card and be less regulated. Keep running behind lawmakers.
“Prepaid debit cards will become subjected to tightened regulations proposed by the Consumer Financial Protection Bureau by October 2017.
According to Lauren Saunders, the associate director of the National Consumer Law Center, the standard of regulation for prepaid debit cards will match that of bank accounts and bank-issued credit cards in terms of loss compensation, fee disclosure, and overdraft fees. Saunders announced: ‘The rules bring prepaid cards out of the shadows, with protections that in many ways are stronger than those for traditional bank accounts.’……
Prepaid Bitcoin debit cards like the Bitpay Bitcoin ViSA debit card offers the exact same services as normal prepaid cards without any overdraft fee and subjective regulations. Users can simply top up their debit cards using Bitcoin and utilize card until the balance reaches zero.”