This story appeared in Bank Digest.
In a comment submitted to the Consumer Financial Protection Bureau, FTC staff expressed support for protecting users of general purpose reloadable (GPR) cards and for the CFPB's proposal to solicit information about the costs and benefits of extending additional protections to these cards. The FTC noted that the FTC Act protects consumers using GPR cards from unfair or deceptive practices, but such consumers currently are not protected by certain federal laws that apply to different types of payment cards, such as credit and debit cards. GPR card users may not understand that these protections are lacking.
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