As the nation’s leading issuer of prepaid cards, The Bancorp is uniquely qualified to provide the Consumer Fraud Protection Bureau (CFPB) with a comprehensive explanation of the impact of the proposed rule, “Prepaid Accounts under the Electronic Funds Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z).”

According to Frank Mastrangelo, President and Chief Executive Officer, “The CFPB did a tremendous job of listening to both industry groups and consumers in crafting the proposed rule. The Bancorp appreciates this opportunity to provide The Bureau with additional insights we believe might be useful considerations in the final rulemaking process.”

Jeremy Kuiper, Managing Director of Payment Solutions, added, “We look forward to working with the CFPB to help develop the final rule that we know will be of great benefit to both the industry and consumers.”

Click here to read The Bancorp’s Executive Summary, as well as our responses to the numerous questions posed by the CFPB.

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