The Consumer Financial Protection Bureau recently issued its long-anticipated proposal for regulations on prepaid products (see our November 17, 2014 blog post for more on this), and it suggests that “card issuers be required to follow existing credit card protections established under the Truth in Lending Act and Credit Card Accountability Responsibility and Disclosure Act if they offer a credit product in connection with a prepaid account,” The National Law Review reports in a recent article. Under the proposal, “[p]repaid companies would be required to give consumers the same monthly periodic statement that credit card consumers receive,” and the companies “must give consumers at least 21 days to repay their debt tied to a prepaid card before charging a late fee that is ‘reasonable and proportional’ to the violation of the account terms.” The Bureau also advocates for consumer protection against unauthorized charges, suggesting that consumers “should be responsible for no more than $50” of these charges if they report such activity quickly to the prepaid company. Consumers groups approved the proposal, but are expected to continue the push for further protections on prepaid products, including overdraft protection. For more, read the full article, which contains a link to the proposed regulation.