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CFPB Snapshot: Prepaid Complaints Continue to Drop

At a time when the prepaid industry continues to dissect the CFPB’s final prepaid accounts rule to prepare for compliance—a rule the agency says delivers “strong federal consumer protections for prepaid account users”—the number of consumer complaints related to prepaid products has decreased dramatically from the same period last year, according to the CFPB’s latest complaint snapshot released Nov. 29.


Chase Cuts Deal With Best Buy, Loses Mobile Password

Look for Chase Pay at the POS at your local Best Buy, just in time for this year’s U.S. holiday shopping season, Chase announced Sept. 14. Chase this week also made a noteworthy security move. On Sept. 12, JPMorgan Chase—without announcing it—reversed its security position on its mobile app, removing the need to type in a password once a customer has already been authenticated by either Apple’s Touch ID or an Android biometric scan.


Green Dot’s Active Card Metrics Propel Q2 Results

Per-card revenue for active cards and better unit economics on new products boosted second-quarter revenues for Pasadena, Calif.-based Green Dot, which beat revenue expectations for the second consecutive quarter.


Canadian Prepaid-Sizing Study Shows Bright Future for Open-Loop

Canada’s open-loop prepaid market saw CAD$3.1 billion (US$2.4 billion) in total card loads in 2015, according to a new market-sizing report offering insights into the country’s fast-growing prepaid industry.


Viewpoint: The Canadian Opportunity for U.S. Prepaid Providers

With the dollar down and prepaid use up in Canada, the U.S.’s top trading partner presents fertile ground for expansion.


Fitbit Nabs Wearables Tech, Staff from Coin

Fitbit Inc. is acquiring the wearable payments platform of startup Coin, with an eye on developing contactless payment features for future Fitbit fitness bands. The deal includes “key personnel and intellectual property” related to Coin’s wearables business, but does not include Coin’s core product—an electronic smart card that can be loaded with multiple payment, gift or loyalty cards, Fitbit said.


PayNearMe Scores Deal with Dallas Transit

PayNearMe is enabling Dallas commuters to pay transit fares in cash at nearly 800 retail locations through a partnership with Dallas Area Rapid Transit (DART). Fares can be loaded onto the existing DART GoPass app or the new DART GoPass card, the transit agency’s first reloadable NFC-enabled transit card designed and distributed by PayNearMe and Blackhawk Network.


Power of Prepaid: Hearing from the Hill and Beyond

At the NBPCA’s fifth annual Power of Prepaid conference in Washington, D.C., industry leaders, lawmakers and others gathered to talk about the industry’s future, the continued importance of advocacy, innovating amid regulation and more.


Apple Pay Expands in Canada

The mobile payment service, once confined to American Express cardholders, now is available to MasterCard, Visa and Interac customers. Apple has signed deals with four banks for Apple Pay.


Viewpoint: No-Action Letters from the CFPB: What to Consider Before You Ask for One

The CFPB’s new no-action letter policy is designed to alleviate regulatory uncertainty for innovative financial services businesses, but asking for one could be a double-edged sword.