Richard Cordray, the director of the Consumer Financial Protection Bureau, had some musings on the use of prepaid cards for wages and other government payments in his speech yesterday to the National Association of State Treasurers, according to Barbara Mishkin on Ballard Spahr’s CFPB Monitor.
Though Cordray noted that the use of these cards may be beneficial to people without checking accounts, he reminded officials that federal law requires employees to have a choice as to how they receive wages, and consumers also need this choice with respect to receiving government payments. He stressed that consumers should be able to opt for direct deposit into their accounts at any time, even if they originally choose a prepaid card initially.
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