Despite the CFPB’s plans to issue a proposed regulation concerning prepaid cards this spring, Senator Mark Warner has introduced a bill (S. 1903 ) that would require new disclosures for prepaid cards.  The bill, entitled the “Prepaid Card Disclosure Act of 2014,” would amend the Electronic Fund Transfer Act to require any person that offers certain prepaid cards to provide a table of card fees with any application, solicitation or offer and, on the card, a toll-free number and website at which the consumer can access a disclosure of card fees. 

The bill would also require the CFPB to issue rules to establish the format for the fee disclosures and give the CFPB authority to require an electronic link to the disclosures in the form of a quick response code, barcode or similar technology on any packaging, card, or other object associated with the account containing the funds accessed by the card.  The bill’s requirements would not apply to certain cards, such as nonreloadable, general use prepaid cards in an amount that does not exceed $250, general use prepaid cards associated only with certain healthcare plans or accounts, store gift cards and nonreloadable cards labeled as gift cards and marketed solely as gift cards.