Protect Prepaid Accounts Act of 2016
February 01, 2017
The following statement on the “Protect Prepaid Accounts Act of 2016” (H.R. 6162) can be attributed to Brad Fauss, president and CEO of the Network Branded Prepaid Card Association (NBPCA):
"By inaccurately defining prepaid accounts as brokered deposits, the FDIC will ultimately limit access to this important financial tool, increase consumer costs and hinder payment innovation. This bill is a proactive solution to the improper treatment of prepaid cards by the FDIC and will prevent millions of Americans who rely on prepaid cards from being negatively impacted. We look forward to working with Representative Tipton and other members of Congress to see this important bill become law."