NBPCA issues their comment letter to the
Federal Reserve on the Proposed Rules for Gift Cards December 15, 2009 Montvale, NJ
The NBPCA issued its response to the Federal Reserve on the Proposed Rules for Gift Cards.
The Association encourages all of its members and non-members to provide comments to the
Federal Reserve as well.
NBPCA releases a Statement on the Federal Reserve’s Proposed Rules for Gift Cards November 17, 2009 Montvale, NJ
The NBPCA looks forward to working with the Federal Reserve Board in
the coming weeks to provide comments for improving on certain aspects of the proposed
rules and resolving any unanswered questions they may have.
The Washington Post Prepaid Cards October 25, 2009
The Washington Post released a story this past weekend on Prepaid Cards. This story provides
a balanced look at the use of prepaid cards by consumers who understand the many features and
benefits of prepaid products.
Just Released: New Study on Cost of Prepaid Cards to Consumers
A newly released economic study conducted by financial expert, Mr. Michael Flores, shows that prepaid
cards represent savings to consumers when compared to financial tools, such as debit cards. This is the
first comprehensive study that compares the costs of prepaid cards in the context of alternative
financial tools.
NBPCA Publishes Leading Practices for General Purpose Reloadable Prepaid Card Consumer Disclosures
The Network Branded Prepaid Card Association today released Leading Practices for
Consumer Disclosures of Network Branded Prepaid General Purpose Reloadable Cards. The
purpose of this document is to promote clear and easily understood communication amongst
the prepaid card industry and to consumers.
NBPCA Response to FinCEN September 8, 2009 (Montvale, NJ)
The Network Branded Prepaid Card Association (NBPCA) submitted a response to the request
for comments regarding "stored value" as set forth in the Notice of Proposed Rulemaking (NPR),
RIN 1506-AA97, issued by the Financial Crimes Enforcement Network (FinCEN), Department of the
Treasury, on May 12, 2009. View the Complete Response >
PREPAID UPDATE September, 2009
Prepaid has attracted a great deal of attention on Capitol Hill since March of this year.
This attention drove a need for the industry to rally, across NBPCA members and non-members
to pool our energies, contacts, and resources to help collectively preserve and promote
Prepaid ? an effort that is still very much underway. We started with what looked like Gift
only (S710 Schumer?s Fair Gift Card Act, then S414 with a gift card addendum), but had language
that ensnared a much broader product set.
On May 22, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure
(CARD) Act of 2009 with prepaid provisions. The Consumer Financial Protection Agency (CFPA) followed
and provides additional challenges by the categorization of prepaid as ?deposit taking? (eliminating
sale/load of prepaid at non-bank locations), proposes compliance with a patchwork of federal and state
laws, and separates the efforts of consumer protection from balancing against the safety and soundness
of financial institutions.
The NBPCA continues to be a central voice for prepaid in this fast paced and quickly changing environment.
NBPCA Web-Site Enhancements September, 2009 (Montvale, NJ)
The NBPCA Web-Site is soon to be enhanced for easier/faster use by our members, including searching for key documents and information.
Prepaid Cards Teach Responsible Spending to a New Generation of College Students August 20, 2009 (Montvale, NJ)
Parents send kids back to school with a safe and convenient way to manage their money and avoid debt. Learn More >
Center for Financial Services Innovation Partners with Network Branded Prepaid Card Association and NetSpend to Create Prepaid Educational Resources for Non-Profits June 3, 2009 (Montvale, NJ)
The Center for Financial Services Innovation announced today at the Underbanked Financial Services Forum that it has partnered with The Network Branded Prepaid Card Association (NBPCA) and NetSpend to create educational resources around prepaid cards to support nonprofit organizations actively serving underbanked consumers. View Press Release >
Updated Legislation (H.R. 627 – Credit CARD Act of 2009) May 11, 2009
An updated version of Chairman Dodd’s Bill S414 – The Credit Card Accountability Responsibility and Disclosure Act was released today. Please note that Prepaid Card Language is contained in Section 401, page 37. View the Revised Bill >
PRESERVE PREPAID! May 6, 2009 (Montvale, NJ)
There is legislation currently in the Senate, planned for vote this week, that has a profoundly negative impact on many Prepaid card businesses. It is Schumer’s Gift Card amendment to Dodd’s credit card bill. The language in the bill as currently drafted, ensnares network branded prepaid cards well beyond gift.
As the Prepaid industry, our immediate grassroots mission is to mobilize as many businesses (and their consumers and partners) as possible, to contact their legislators and outline why the legislator should NOT support Schumer’s Gift Card amendment to the Dodd credit card bill. It is critical that we all reach out to our legislators NOW to assure they receive the message, in time to understand the amendment before they vote.
Please contact your Senators to voice your opinion!
Network Branded Prepaid Card Association and The Center for Financial Services Innovation Release New Data on Prepaid Card Usage and Underbanked Consumers April 6, 2009 (Montvale, NJ)
The Network Branded Prepaid Card Association (NBPCA), a non-profit, inter-industry trade association created to advance the success of branded prepaid cards, (cards usable wherever American Express, Discover, MasterCard or Visa cards are accepted), and the Center for Financial Services Innovation, a non-profit affiliate of ShoreBank Corporation and the nation’s leading expert on innovative financial services for underbanked consumers, have partnered to release the first large, in-depth survey of underbanked consumers currently using reloadable prepaid cards.* It found that 96 percent of users said the cards were useful and 94 percent would recommend a reloadable prepaid card to someone else. View the Press Release >
Click on Chats with Consumers to view the excerpts of the on-line chats with consumers.
NBPCA Consumer Tips for Using Unemployment Benefits Cards April 1, 2009 (Montvale, NJ)
The Network Branded Prepaid Card Association Issued a Press
Release today providing Consumer Tips for Using Unemployment Benefits Cards. These cards provide great
value and by following simple tips, the cardholder can enjoy both convenience and cost-savings. View Press Release >
NBPCA Wins Best Prepaid Marketing or Awareness Program at 2008 Prepaid Expo Paybefore Awards March 19, 2009 (Montvale, NJ)
The NBPCA was recognized with the Paybefore Awards' Best Prepaid Marketing or Awareness-Building
Program at the Prepaid Card Expo in Orlando, FL. The NBPCA was recognized for the role it plays in
creating a strong and accurate media climate for all participants in the network branded prepaid
marketplace. The NBPCA has issued seven research surveys, disseminated continuous positive news
resulting in more than 400,000,000 impressions and more than 1,000 news items and pick-ups. The
NBPCA has also acted as media watchdog on behalf of industry; fighting for corrections and
commenting on tough issues.
Kirsten Trusko, NBPCA President and Executive Director commented, "This is an exciting honor for
the NBPCA and we appreciate being recognized for the role we play, even when it is behind-the-scenes.
In 2009 you'll see NBPCA Members in an accentuated effort to "Educate and Advocate" to Government,
the Media, and Consumers as a central industry information source. To support this we have some
exciting new partnerships, new original research, and new video and social media vehicles. We look
forward to ratcheting up the awareness level to new highs."
NBPCA Releases Educational White Paper on the Application of State Abandoned Property Laws March 9, 2009 (Montvale, NJ) The NBPCA released a White Paper to provide an educational roadmap
for businesses so that they can better meet their critical responsibilities for compliance. The document provides
a history of abandoned property law, the current state of escheat laws as related to a breadth of prepaid card
types, and the challenges to applying abandoned property laws, with a broad brush, to prepaid cards.
NBPCA Announces Management Change February 25, 2009 (Montvale, NJ)
NBPCA announces changes to the Association's management. Learn More >
Survey of 1,000 consumers forecasts branded
cards will remain popular, despite economic conditions November 18, 2008.
The NBPCA recently conducted a consumer opinion survey regarding branded gift cards.
The survey revealed that branded gift cards will remain popular because they are
practical gifts that help consumers stay on budget and provide flexibility, security
and choice for the recipient.
Network Branded Prepaid Card Association Enters its
Third Membership Year; Announces New Co-Chairs of Media & Consumer Education Working Group,
Conducts Search for New President/Executive Director September 16, 2008.
The Network Branded Prepaid Card Association has entered its third Membership Year
as a driving force advancing a positive environment for network branded prepaid cards.
In conjunction with the commencement of Membership Year Three, the NBPCA has announced
new Co-Chairs of the Media & Consumer Education Working Group and has begun a search
for a permanent President and Executive Director. View Press Release >
NBPCA Issues Survey Results from 8,000 Gift Card Recipients May 15, 2008.
The NBPCA commissioned a study with gift cards expert, Professor Dan Horne, to garner
the largest attitude and behavior study of network branded gift card recipients to date. The survey
uncovered high levels of enjoyment and personal connection to the branded gift cards experience.
Click the link below to view the Press Release.
View Press Release > View Report >
NBPCA Suggests Ways to Simplify the Spring Gift-Giving Season May 1, 2008.
The NBPCA issued a press release today directed at consumers that suggests ways in which they
can use network branded gift cards during the spring gift-giving season.
Click the link below to view the press release. Learn More >
NBPCA Releases Recommended Practices for Anti-Money Laundering Compliance February 22, 2008. To assist in the industry’s response to reduce
the potential for prepaid cards to be used for money laundering, financial crime or other illegal activity such
as terrorist financing, the NBPCA has created “Recommended Practices for Anti-Money Laundering Compliance
for U.S.-Based Prepaid Card Programs”.
The document provides recommendations for prepaid card industry participants to assist with compliance with the US. Bank Secrecy Act (BSA) anti-money laundering (AML) program requirements.
NBPCA Announces Management Change January 22, 2008 (Montvale, NJ)
NBPCA announces changes to the Association's management. Learn More >
Tips for Redeeming Network Branded Gift Cards An NBPCA news release issued on December 31 encourages consumers to use their gift cards to take advantage of post-holiday shopping deals. Learn More>
Tips for Giving and Using Network Branded Gift Cards
An NBPCA news release issued on December 3 let consumers know that having a great gift card experience is great when they follow some simple suggestions. Learn More>
Consumer Reports Continues to Get It Wrong...
NBPCA Chairman Anil D. Aggarwal responded to the launch of Consumer Reports' "public education campaign aimed at creating awareness of the pitfalls associated with gift cards." This year, the publication took its anti-gift card message to a new level with a full-page ad in the November 13 New York Times attacking retailer-branded gift cards. Mr. Aggarwal, who is also CEO of Prepaid Media, published his response in Prepaid Media's Paybefore publication. He countered Consumer Reports' negative view of gift cards citing recent NBPCA research that found that 93 percent of network branded gift card buyers are satisfied with their purchase. He added that the free market has created "[gift card] products that offer consumers choice" and that "It is the right of consumers to decide for themselves whether or not to purchase a gift card and, if they do, which gift card to buy." To read the full article, click on "Learn More" below. Learn More >
Annual Montgomery County Gift Card Survey
The Montgomery County (MD) Office of Consumer Protection issued its annual Gift Card Report. This year's report is kinder to retailer-branded gift cards than in past years, but continues to hit network branded cards hard, largely because of the imposition of fees. The report does not acknowledge that fees are integral to the business model for network branded cards (because profit is not generated from the sale of merchandise as with retailer-branded cards) and that fees, in addition to supporting consumer protections and customer service, help provide consumers with a plethora of gift card options to meet their varied gift-giving needs. Despite the underlying anti-fee bias, the report presents considerable useful data on the terms and conditions of 22 retailer branded and 20 network branded cards. Learn More >
Gift Cards from American Express, Discover,
MasterCard and Visa Earn 93% Satisfaction with Consumers Survey of 1,788 consumers show branded gift cards are chosen as a “thoughtful” and “intelligent” gift
November 8, 2007. A recent survey about gift cards that carry the American Express, Discover, MasterCard or Visa logo reveals that extremely high levels of consumer satisfaction are driving their triple-digit annual growth.
The survey, commissioned by the Network Branded Prepaid Card Association (NBPCA) and conducted by Dan Horne, professor at Providence College and an expert on gift card purchasing habits of consumers, found that more than 93% of consumers who buy branded gift cards are satisfied with their purchase. Learn More >
NBPCA Elects Additional Board Members September 11, 2007. The NBPCA has added three additional industry leaders to its Board of Directors. The new directors are:
John Chaney, Chairman and CEO of PreCash
Scott Garka, Senior Director of Risk Management of Capital One
Jonathan Palmer, President and CEO of FSV Payment Systems
For a listing of the full Board, please see the July 25 entry below.
In addition, Capital One, #154 on the Fortune 500, has joined the NBPCA as the eleventh member of its Founders' Circle. The other Founders' Circle members, an elite group of influential organizations with a major stake in the long-term success of network branded prepaid cards, are BankFirst, Discover Financial Services, EFD, Ecount, Green Dot, MasterCard, Meta Payment Systems, Springbok Services, TSYS, and Visa USA.
Branded Prepaid Cards: A Smart Addition to
Your Student's School Supplies List August 30, 2007. Millions of students are heading back to school this fall,
and many will be on their own for the first time at college. The Network Branded
Prepaid Card Association (NBPCA), a non-profit, inter-industry trade association
created to advance the success of network branded prepaid cards, suggests adding
branded prepaid cards (cards with an American Express, Discover, MasterCard or Visa
logo) to your student's back-to-school shopping list. The cards are safe and convenient,
and empower students to manage their money-while offering parents peace of mind.
Learn More >
NBPCA Survey Shows Strong Growth Potential for Reloadable Prepaid Cards August 6, 2007. The NBPCA's most recent consumer attitude survey shows that reloadable
prepaid cards (including general purpose and payroll cards) are a desirable solution to financial
management challenges faced by many consumers. Respondents-all of whom reported household incomes
less than $50,000-indicate that these cards fill an unmet need, with the strongest responses coming
from cash-based consumers. In addition, early users of reloadable prepaid cards overwhelmingly have
had positive experiences-good evidence these cards are easy to use, meet consumer expectations,
and offer solid value.
Learn More >
NBPCA members may download a copy of the NBPCA White Paper: Consumer Attitudes Towards Payroll and General Purpose Reloadable Cards, which analyzes the survey, and the full research study by visiting the Members Only section of the NBPCA Web site.
Non-members may request a copy of the White Paper by contacting nbpca@npbca.com.
Year One Accomplishments July 31, 2007. The NBPCA, the trade association for the network
branded prepaid card industry, has met or exceeded all of its business objectives
during its first membership year, which ran from July 1, 2006 to June 30, 2007.
The 37-member association was launched last year to represent the varied
participants that work together to deliver prepaid products to consumers,
businesses and government. At the Association's founding, a robust three-year
business plan was created, with input from the industry and approval from the
NBPCA's Board of Directors, to establish measurable objectives for each membership year.
Learn More >
NBPCA Featured in News Spot on Rebate Cards Raul Brown, a Boston 6th grade teacher, and NBPCA Director Gary Palmer
were featured in a national news spot on the features and benefits of network branded rebate cards. View the video clip >
Government Update Government Update, a bi-weekly electronic publication that
highlights legislative, regulatory, and litigation issues that affect the network branded
prepaid card business, is an exclusive benefit of NBPCA membership. To request a sample
issue, please contact us.
