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"What people don't understand right now is those [prepaid] cards are not protected by any of the consumer financial protection laws currently," said CFPB Director Richard Cordray.

Cordray Tackles Prepaid Cards, Disparate Impact at Contentious Hearing

Although much of a hearing Wednesday was dominated by concerns about employee discrimination at the CFPB, Director Richard Cordray said new rules for prepaid cards were coming soon along with a study on fair lending issues related to indirect auto loans.

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