Last week, the Consumer Financial Protection Bureau released an Advance Notice of Proposed Rulemaking (ANPR) on the subject of general purpose reloadable (GPR) cards. In the ANPR, the Bureau announced that it plans to issue a proposal to extend Regulation E to cover GPR cards. The ANPR poses a series of questions and gives the public an opportunity to submit comments. Comments must be received by July 23, 2012.
On April 26th, the FTC gathered private sector representatives, regulators, and academics for a workshop to discuss the state of the mobile payment industry. Some commentary has interpreted regulators’ comments at the workshop to be a signal that regulators intend to use a “light touch” as the industry matures, but the phrase only partially hits the mark. Read More