The Consumer Financial Protection Bureau has scheduled a hearing for May 23 in Durham, N.C. The subject: prepaid cards.
Director Richard Cordray himself will be there, the CFPB says. Testimony will be presented by “consumer and civil rights groups, industry representatives, and members of the public,” at the Durham Convention Center.
The CFPB has had its eye on prepaid for quite some time. A February 2011 Bloomberg report that speculated prepaid debit cards “may be next focus of consumer agency” has turned out to be deadly accurate.