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CFPB Wants to Regulate Prepaid Debit Cards: Good?

Fef 2012/05/24 04:48:58
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Consumers and "consumer advocates" always cry to government for protection from business, but they don't realize that government will actually cause more problems than it solves. Government has over-regulated businesses that provide goods/services to low-income consumers so much that it hurts the consumer. Increasing regulation increases costs, which means poor people cannot afford the product or service anymore.

The Left doesn't trust consumers to protect themselves and likes to take credit for 'helping the consumer' -- even at the cost of hurting the consumer. They hate business and love granting Big Government more power.Prepaid debit cards may soon face federal regulations requiring more transparent fee disclosures and increased financial protection. The Consumer Financial Protection Bureau said Wednesday it is considering new consumer protections for the cards. Director Richard Cordray said he plans to bring more "safety and transparency" to the industry.

cards federal regulations requiring transparent fee disclosures increased financial protection

Read More: http://www.usatoday.com/money/perfi/credit/story/2...

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Top Opinion

  • The Birdman ~ PWCM~JLA 2012/05/24 04:59:51
    HURT prepaid card users
    The Birdman ~ PWCM~JLA
    +4
    Why do people not get it? The more you let the government dictate how you conduct your day to day life, the more they tend to take from our civil liberties!! It's a simple concept, but some folks will very stupidly hand over their rights and freedoms without understanding the long term dangers of their actions! What's it going to take, a whack on the head? Their belongings being confiscated? Their freedoms trampled? Their loved ones arrested or worse?

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  • P. Sturm 2012/06/09 04:41:53
    HELP prepaid card users
    P. Sturm
    At the moment it will help them. The interested institution have decided to form a to-big-to-fail racket, I mean customer benevolence consortium to set the maximum possible cross the board per-transaction, handling and whatever-else-we-think-of fees.
    But then we have the government in there. Talk about a lose-lose proposition.

    We badly need a federal referendum system, but it has to be tough. Say if three-quarters of the people, in each of three quarters of the states, say a law is a bogus piece of garbage two election in a row, it's history.
  • jule-sy 2012/06/04 05:39:41
    HURT prepaid card users
    jule-sy
    The Gov't does it again!
  • Andrew 2012/05/26 05:11:09
    HURT prepaid card users
    Andrew
    No, this is just an example of more government interference.
  • clasact 2012/05/25 09:58:13
    HURT prepaid card users
    clasact
    useing one of these is a great way to controll spending ,now why the gov wants to step in on something that actually helps people is beyond me
  • beach bum 2012/05/25 03:43:14
    HURT prepaid card users
    beach bum
    hurt
  • Stan Kapusta 2012/05/25 03:36:24
    HURT prepaid card users
    Stan Kapusta
    Too much government! If it's a bad product it will fail. Why do we need the government to screw that up too.
  • Gregaj7 2012/05/25 02:26:29
    HURT prepaid card users
    Gregaj7
    Everything done to "help" hurts and causes more problems than they solve. One might think this is by design.
  • Ron in Oregon 2012/05/24 21:52:50
    HURT prepaid card users
    Ron in Oregon
    We just need less government.
  • YouSirName 2012/05/24 21:10:42
    HELP prepaid card users
    YouSirName
    +1
    Bad government regulation involves regulation of behavior by persons who have options and can choose and take the consequences of their choice. Good government regulation involves preventing unfair advantage or reckless behavior where those who suffer have no realistic options.

    Examples of bad regulation: helmet laws for motorcyclists, most drug laws, price controls.
    Examples of good regulation: drug and food purity laws, building codes, anti-discrimination laws.

    Pre-paid cards fall somewhere in the middle. In cases where they are electively chosen, no regulation. Use cash if you don't like the terms. For those who have no choice (state distrbution of benefits in the form of pre-paid cards), regulation is appropriate.

    The world ain't just black and white, folks.
  • BILL 2012/05/24 19:39:13
    HURT prepaid card users
    BILL
    +1
    It could hurt Yes but bringing out all the crap hidden in the fine print real needs to be addressed
    print
  • Flyingbug BILL 2012/05/25 01:40:33
    Flyingbug
    We were once given GreenDot cards for Christmas one year. Fees for the card, fee for balance check, fee when you don't use the card (which I had not had for an entire year). Now, when I buy gift cards for people, I avoid GreenDot and cards like them.
  • frank 2012/05/24 17:41:14
    HURT prepaid card users
    frank
    We do not need any more government in our lives; this would only drive up interest rates
  • JoLost 2012/05/24 17:11:15
    HELP prepaid card users
    JoLost
    +2
    Government financial regulations promote the economic posterity of current and future generations.

    Aligned to its purpose as established in the formation of the United States Constitution.
  • Charles Braley 2012/05/24 16:38:16
    HURT prepaid card users
    Charles Braley
    Has ANYTHING the Govt done ----really, really helped?
  • cm 2012/05/24 16:33:33
    HURT prepaid card users
    cm
    +1
    less government and less regulations.
  • Nate Hubert 2012/05/24 16:19:12
    HELP prepaid card users
    Nate Hubert
    +3
    Well I mean... I disagree that regulation will always hurt consumers, or even that it will raise prices. I think regulation is always meant to help, not hurt, consumers. That's the whole point of it - to not let the powerful, wealthy guys take complete advantage of the poor, low-income guys.
  • cm Nate Hu... 2012/05/24 16:32:51
    cm
    the purpose of regulation is to control. this is a stupid idea.
  • Nate Hu... cm 2012/05/24 17:09:24
    Nate Hubert
    I respectfully disagree.
  • Louis Contreras 2012/05/24 16:10:52
    HURT prepaid card users
    Louis Contreras
    Read the terms and conditions on these and everything else you buy or subscribe to. This should include politicians you vote for from either party.
  • Aksana 2012/05/24 15:46:54
    HELP prepaid card users
    Aksana
    l guess
  • dispatcher 2012/05/24 14:39:08
    HURT prepaid card users
    dispatcher
    More regulations costing the consumer more money is a BAD IDEA.
  • bob h. 2012/05/24 14:32:33
    HELP prepaid card users
    bob h.
    +3
    They're sort of like "Payday" loans. They've found a way to make 300%+ interest loans legal. Companies like VISA/MC etc are constantly on the search for people who believe that these scam are there to help them.
  • baboula 2012/05/24 14:29:23
    HURT prepaid card users
    baboula
    +1
    "safety and transparency?" The same type that has been the hallmark of this administration? If people don't buy the prepaid card for one reason or another, the issuer will adjust it. Gov't regulation results in either an increase of charges or the company goes out of the business
  • Lester 2012/05/24 14:23:38
    HELP prepaid card users
    Lester
    +2
    I can see why financial institutions are against this: it will cost virtually nothing to implement, but it will harm unscrupulous lenders from misleading and cheating their customers.
  • exsecrare 2012/05/24 13:04:17
    HURT prepaid card users
    exsecrare
    They already regulate the crap out of them.
  • HarleyCharley 2012/05/24 12:52:05
    HURT prepaid card users
    HarleyCharley
    +1
    they will just make up for with some other charge....
  • DS in Oak Ridge NC 2012/05/24 12:42:23
    HURT prepaid card users
    DS in Oak Ridge NC
    +1
    Making it more difficult for Pre-Paid card providers will either increase the upfront fees or reduce the pool of providers interested in running another Federal Gauntlet with complex and largely unneeded over-regulation. This makes carrying cash more attractive, and reinforces the notion that the Left considers the sheeple to be idiots unable to care for themselves... ala 'role model' Julia who must depend on the Government all her life.
  • CAPISCE 2012/05/24 12:36:53
    HURT prepaid card users
    CAPISCE
  • Philo® ~PWCM~JLA ✩ 2012/05/24 12:17:24
    HURT prepaid card users
    Philo® ~PWCM~JLA ✩
  • All American 2012/05/24 12:02:08
    HURT prepaid card users
    All American
    Consumer advocates are nothing more than self-appointed apologists for people who don't want to be responsible for their own actions. Their main field is victimology and helping to create a whole class of people who don't want to be stand-up, responsible adults capable of making a decision.
  • Cirsten Hahn 2012/05/24 11:48:43
    HURT prepaid card users
    Cirsten Hahn
    Gov't needs to stay the HELL out of our lives as much as possible!
  • stevmackey 2012/05/24 10:35:42
    HURT prepaid card users
    stevmackey
    +2
    Transparency works both ways. That would jeopardize your bank account.
  • VintageLys 2012/05/24 08:33:40
    HURT prepaid card users
    VintageLys
    +1
    keep the gvt out of things!!!
  • Uranos7 2012/05/24 06:08:19
    HELP prepaid card users
    Uranos7
    +3
    This is an area that could use some regulation the fees they charge are very steep with very little protection or benefits associated with them.
    Wal- Mart when I was working for them tried to get people to use their prepaid card and when I looked at the fees involved I said 'Are you Crazy?' $10 to get it started and $1-2 every time you used the card, $4 to make deposit, and a $6 fee if you did not use it at all.
    That adds up to a lot of money real quick. Especially since these cards target people at or below poverty level.
    Then if the card was lost or stolen it could take up to 30 days to have you money transferred to a new one and most have no payback for the money used up by the thief.
  • bob h. Uranos7 2012/05/24 14:37:21
    bob h.
    +2
    Exactly; but the knee-jerk repos don't have time to read the conditions. Gov't Bad, Gov't Bad, is too easy.
  • Kurbdog 2012/05/24 05:56:44
  • The Birdman ~ PWCM~JLA 2012/05/24 04:59:51
    HURT prepaid card users
    The Birdman ~ PWCM~JLA
    +4
    Why do people not get it? The more you let the government dictate how you conduct your day to day life, the more they tend to take from our civil liberties!! It's a simple concept, but some folks will very stupidly hand over their rights and freedoms without understanding the long term dangers of their actions! What's it going to take, a whack on the head? Their belongings being confiscated? Their freedoms trampled? Their loved ones arrested or worse?

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