Yesterday, the CFPB unveiled two model forms of prepaid card packaging disclosures that it is testing with consumers in Los Angeles. According to its blog post, the CFPB is developing the disclosures in connection with a proposed prepaid card rule it expects to issue this spring.
The LA testing follows a first round of testing that the CFPB conducted last month in Baltimore, MD. The CFPB expects to complete the LA testing in April.
In its blog post, the CFPB solicits feedback from the public on the two model forms and asks commenters to focus on the following questions:
- Do you understand how much each of these cards will cost to use?
- What would you like to see added or changed? Is there some way to make the information clearer?
- Is there anything you find confusing?