The Prepaid Press - Carol Van Cleef

    View Contact / News

    Carol Van Cleef, a partner in the firm’s Washington office, authored the article, “Federal Financial Regulatory Reform: New Proposal Includes Prepaid Products,” that was published on August 13, 2009 in The Prepaid Press. In this article, Ms. Van Cleef discusses the possible creation of a new financial regulatory agency, the Consumer Financial Protection Agency (CFPA), and its potential impact on the prepaid industry.

    In the article, Ms. Van Cleef explains, “There appears to be little question that the administration intends to subject prepaid or stored value products and services to the new agency’s review. Under the proposed legislation, “deposit taking activities,” the “sale or issuance of stored value,” “money transmitting,” and “acting as a money services business” would all be overseen by the CFPA, as would the prepaid debit card industry.

    Press Contacts

    Angelo Kakolyris +1 212 407 0148