In The News

The Morning Risk Report: Prepaid Card Issuers Face Disclosure Regime

The Wall Street Journal

06 Oct 2016

Obrea Poindexter, co-chair of the firm’s Financial Services Practice Group, was quoted regarding the Consumer Financial Protection Bureau’s prepaid card rule and its enhanced disclosure requirements in the article, “The Morning Risk Report: Prepaid Card Issuers Face Disclosure Regime,” published by The Wall Street Journal on October 6, 2016.

She called the disclosure regime “very specific,” noting that it included requirements on font size. “That’s a pretty significant undertaking. That’s what firms will work on right away,” she said. Ms. Poindexter noted that the consumers for prepaid cards are more transient, and they don’t develop the same type of relationship with financial institutions as someone holding a deposit account. “Prepaid cards have a lot of promise with the unbanked,” she said.

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