Green Dot Corporation (GDOT) announced that it supports the CFPB's newly released prepaid debit card Notice of Proposed Rulemaking (NPRM).
Green Dot’s Founder, Chairman and Chief Executive Officer Steve Streit testified yesterday at the CFPB field hearing on the topic in Wilmington, DE. As part of his prepared testimony, Mr. Streit said, “Today the prepaid industry takes another step towards maturity and passes another milestone on its path to long term sustainability and critical mass. I, as a person, and Green Dot, as a company, fully support the CFPB's mission. A football game without rules and referees isn't a sport; it's a brawl. Like sports, to be successful, industry also needs rules and referees to ensure fairness, integrity and safety for all participants."
Green Dot believes that its business will not be materially impacted by the CFPB's newly proposed rules. Furthermore, Green Dot fully supports the proposed rules that mandate "Regulation E" consumer protections for lost or stolen funds and disputed transactions, including the providing of provisional credits to consumers, and the CFPB's proposed rulemaking dealing with the new framework for overdraft programs attached to prepaid cards.