The Department of Education's proposed rule on the disbursement of Title IV funds clearly oversteps the department's authority by attempting to regulate financial services, which should instead be left to prudential financial regulators," said Brad Fauss, President and CEO of NBPCA
The 2012 NBPCA
Annual Congress - The Power of Prepaid will provide a platform to advance the interests of Prepaid as a whole.
We hope that it will provide a prepaid educational resource for CFSI's network of nonprofits and aid their efforts to help underbanked Americans save and better manage their finances, and ultimately enter the financial mainstream," said Kirsten Trusko, NBPCA
president and executive director.
We appreciate the efforts of the CFPB staff to better understand the prepaid market, but we have concerns with several provisions in the proposed rule that we believe will limit consumer access to and choice among prepaid products at a time when consumer demand is at an all-time high," said Brad Fauss, Interim Executive Director and General Counsel of NBPCA
I have been actively involved with the NBPCA
since its inception as it grew into the world class advocacy organization that it is today.
is committed to providing consumer education about prepaid cards so that they can be understood, accessed, and prudently used by all Americans who can benefit from these financial tools," said Kirsten Trusko, NBPCA
President and Executive Director.
While the NBPCA
and its member companies need time to fully digest all of the components in the CFPB's 870 page proposed rule, we welcome formalizing many standards that the industry has already embraced.
believes all of these goals can be achieved while protecting consumer access to prepaid cards," added Bower.
As the prepaid card industry's leading trade association, NBPCA
developed Payroll Cards Leading Practices for our members to ensure payroll cards meet regulatory requirements.
As Executive Director of the NBPCA
, I am excited to have this terrific opportunity to support an innovative and fast-growing sector of the financial services industry providing a safe, convenient and efficient means of managing, spending and transferring money for consumers, government and businesses," Bower said.
was established as a collaborative forum to promote a positive environment for the emerging network branded prepaid card industry," said Anil D.
With funding, technical feedback and industry expertise from NBPCA
members ADP, Commerce Bank, First Data, MasterCard and Visa, An Employee's Guide to Payroll Cards was produced and is now available as a free download in English on the Web (bit.