How a Prepaid Card Company Emerged as a 'Major Opponent' to CFPB

, The National Law Journal


Netspend and its parent company Total System Services have spent hundreds of thousands of dollars lobbying on prepaid card rules and other regulatory matters. The two companies are not backing down. Netspend is pushing the Consumer Financial Protection Bureau to delay its new rule, and on Capitol Hill, Total System Services is jumping into an effort, sponsored by Republican lawmakers, to tear up the new regulation.

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What's being said

  • Jim Klimaski

    The efforts of the CFPB to protect consumer must be working, since these prepaid card companies are working so hard to must the support from the anti-consumer members of Congress, also known as Republicans, to turn the CFPB into a paper tiger. What is wrong with requiring businesses to treat their customers fairly and honestly.

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