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Report to the Congress on Government-Administered, General-Use Prepaid Cards

Wednesday, August 8, 2018   (0 Comments)
Posted by: Terri Brustad

Report to the Congress on Government-Administered, General-Use Prepaid Cards by the Board of Governors of the Federal Reserve System

Section 1075 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which added section 920 to the Electronic Fund Transfer Act (EFTA), requires the Federal Reserve Board (Board) to report annually to the Congress on the prevalence of use of general-use prepaid cards in federal, state and local government-administered payment programs and on the interchange fees and cardholder fees charged with respect to the use of such cards. 

The Board collected 2016 data from 18 bank issuers, three nonbank financial institutions and two federal government agencies on government programs that used prepaid cards as a method to disburse funds.

Across reported programs, government offices disbursed $146 billion through prepaid cards in 2016, a 3 percent decrease from 2015. This was largely driven by decreases in prepaid card disbursements in state and local programs. Across reported program types, the largest decrease by value occurred in the Supplemental Nutritional Assistance Program (SNAP).

Members and subscribers >> Learn more about the revenue bank issuers collected through fees across the reported programs, as well as comparisons to prior years. 

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