Research Paper (postgraduate) from the year 2017 in the subject Economics - Monetary theory and policy, grade: B+, Suffolk University Law School, language: English, abstract: A Problem that United States citizens have had involve people incapable of establishing a bank account or getting a credit card due to the security of monetary transfers. To remedy this problem, Congress established the independent agency, the Consumer Financial Protection Bureau ("CFPB"), in the Dodd-Frank Act of 2010, who regulates monetary transfersi. The CFPB implemented the Prepaid Account Final Rule to accommodate prepaid cards. The fundamental concept of a prepaid card is simple. Money is loaded on to a card before someone spends it and that money entirely belongs to that person. Hence, the card is prepaid. A prepaid card functions as a prepaid account, but it is not a traditional bank account that is out of reach for anyone. The CFPB's Prepaid Account Final Rule amends Regulation E of the Electronic Fund Transfer Act by extending its coverage to prepaid accounts and adopting provisions specific to such accounts, and amends Regulation Z of the Truth in Lending Act byextending its coverage to overdraft credit features that are simultaneously offered with these prepaid accountsii. This has had a large effect on the prepaid market economically by impacting mobile wallets, peer-to-peer payment products, person-to-person transfers, and other electronic prepaid accounts that store fundsiii. ...