NEW RULES CRACK DOWN ON PREPAID CARDS
But the Consumer Financial Protection Bureau just laid out new federal protections on prepaid accounts that require clear disclosures, limit fees and interest rates and increase fraud protection. Prepaid cards are one of the fastest-growing consumer financial products in the U.S. In 2012, about $65 billion was loaded onto prepaid cards. By 2018, the government estimates that number will surge to $112 billion. The cards tend to be popular among the unbanked and for those who can't qualify for a credit card.