Prepaid products are “among the fastest growing types of consumer financial products” but do not offer the protections required of traditional payment methods, a gap the Consumer Financial Protection Bureau (CFPB) is looking to close, according to a recent CFPB press release. The CFPB recently released a proposal that would apply to prepaid cards, mobile or electronic prepaid accounts that can store funds, and government benefit cards used to distribute unemployment, pension, tax refund, and other payments. The CFPB is proposing that these forms of consumer financial products should be required to provide easy, free access to account information; error resolution support; and fraud and lost-card protection. The Bureau “is also proposing ‘Know Before You Owe’ prepaid disclosures that would provide consumers with clear information about the costs and risks of prepaid products upfront.” CFPB Director Richard Cordray says the proposal will “ensure prepaid consumers are protected whether they are swiping a card, scanning their smartphone, or sending a payment.” For more, read the full release.