The Dodd-Frank Wall Street Reform and Consumer Protection  Act, which was signed into law as a means to address some of the most notorious causes of the recent “Great Recession,” was mostly aimed at banks and Wall Street; however it also has been extended to encompass some aspects of the prepaid card industry.  Prepaid cards – including gift cards, payroll cards, flexible spending account and employee benefits cards, government benefits cards, employee incentive cards, employee per diem and relocation cards, and rebate cards – are being used increasingly by businesses in lieu of cash, checks, vouchers and gift certificates.  All of these uses may be impacted by Dodd-Frank.

Although much of Dodd-Frank has little to do with prepaid cards, it includes provisions with which the entire prepaid value chain must be familiar – because all will be subject to new requirements that will affect their current business operations.

New York Partner Judith Rinearson authored an in-depth article in the August edition of Paybefore Update explaining the impact of the act on the prepaid card industry. Click here to read her full article, used with permission from Paybefore Update.

On August 16, 2010, the Bryan Cave Prepaid Card team gave a webinar on how the Dodd-Frank Wall Street Reform and Consumer Protection  Act will affect the prepaid card industry. Readers can now access online the presentation slides and webinar audio.