Congressman welcomes CFPB Director Cordray to Delaware

WILMINGTON — Congressman John Carney (D-DE) today issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) proposed rule governing prepaid card products, which was the subject of a CFPB field hearing in Wilmington today:

“This proposed rule will ultimately bring much needed certainty to this new and growing marketplace by setting the rules of the road regarding important consumer protections,” said Congressman Carney. “I look forward to working with the CFPB to ensure that the rule promotes innovation in prepaid products and at the same time establishes strong consumer protections.  As Delawareans work to get back on their feet in the wake of the financial crisis, it’s especially important that we find ways to provide them access to banking services and have strong rules in place to make sure their dealings with financial institutions are fair and transparent. I’m pleased Director Cordray chose to make this announcement in Delaware today, and I plan to continue to work closely with the CFPB as the rule-making process moves forward.”

The CFPB’s Director Richard Cordray conducted a field hearing in Wilmington, Delaware today to hear from consumer groups and industry representatives on the proposed rule. The hearing was held at Delaware Technical Community College’s Wilmington campus and featured the following panelists:

• Doug Bower, Executive Director, President, Network Branded Prepaid Card Association
• Cecilia Frew, Head of U.S. Prepaid Products, VISA  
• Rashmi Rangan, Executive Director, Delaware Community Reinvestment Action Council
• Lauren Saunders, Associate Director, National Consumer Law Center
• Steve Streit, Chairman, Green Dot Corporation
• Susan Weinstock, Director of Consumer Banking, The Pew Charitable Trusts

For more information about the CFPB’s proposed rule, click here. 

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