Card issuers are sounding the alarm about the Consumer Financial Protection Bureau's final prepaid rule, claiming the agency has opened the door to potential fraud on unregistered cards.

The CFPB has already proposed delaying the implementation of the final rule for six months until April 2018, in part due to industry concerns. The delay came after the CFPB made changes in its final rule that caught the industry off guard, including extending certain protections for error resolution and limited liability for all prepaid accounts even on unregistered cards bought at retail stores.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.