Sure, regulate everything
June 25, 2009 | Wall Street Journal, alternatives, federal legislation, industry | Comments (0)Now there’s a push to regulate pre-paid debit cards. From the Wall Street Journal:
Prepaid reloadable cards, payment cards that aren’t tethered to a traditional bank account, won’t get the same regulatory scrutiny under the recently enacted Credit Card Act of 2009.
Consumer advocates want to change that. They are urging the Federal Reserve to strengthen guidelines affecting prepaid cards from companies such as Wal-Mart Stores Inc., Green Dot Corp., NetSpend Corp. and H&R Block Inc. while the Obama administration’s focus remains concentrated on regulating the credit-card and banking industries.
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