Prepaid card fee disclosure designTech team demo | April 2014

Prepaid Cards 101

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What are prepaid cards?

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68% of consumers don’t comparison shop before buying a card.

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CFPB Prepaid Rulemaking

• Fee and term disclosure

• In-store packaging

• Online

• In-bank (brochure, etc)

• Unauthorized transactions / protection

• Product features (overdraft, savings account, building credit)

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Precedents

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Nutrition Facts

• “set off in a box by use of hairlines and shall be all black or one color type, printed on a white or other neutral contrasting background whenever practical.”

• “Upper and lower case letters”

• “At least one point leading (i.e., space between two lines of text) except that at least four points leading shall be utilized for the information required by paragraphs (d)(7) and (d)(8) of this section as shown in paragraph (d)(12), and

• “Information required in paragraphs (d)(3), (d)(5), (d)(7), and (d)(8) of this section shall be in type size no smaller than 8 point. Except for the heading “Nutrition Facts,” the information required in paragraphs (d)(4), (d)(6), and (d)(9) of this section and all other information contained within the nutrition label shall be in type size no smaller than 6 point.”

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CFPB’s design must balance space, simplicity and comprehensiveness.

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Center for Financial Services Innovation Box

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PEW Label

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Vendor Designs

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Designs

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Consumer feedback

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Lessons learned,next steps

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