By Emmanuel Olaoye

WASHINGTON/NEW YORK, July 26 (Thomson Reuters Accelus) - The Consumer Financial Protection Bureau should expand the disclosure protections on debit and credit cards to general purpose reloadable prepaid cards, but it should provide flexibility on the disclosures that prepaid card issuers have to make to consumers, a major U.S. banking trade group said on Tuesday.

In a comment letter submitted yesterday, the American Bankers Association said that the general purpose reloadable, or GPR, prepaid cards should be given the same protections as prepaid cards such as gift cards, but the CFPB should recognize that there are a variety of GPR cards and that the market will continue to evolve.  (more…)