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Warner urges banks to offer better prepaid debit card consumer protections

Following a holiday season in which a record number of consumers were expected to use prepaid cards, U.S. Sen. Mark R. Warner (D-VA) has introduced legislation requiring banks to more fully disclose the hidden fees often charged for the use of these cards. Issuers of prepaid cards currently are not required to provide the same level of consumer information and disclosure required of most other gift cards and credit cards.