Feds seek to make prepaid cards safer for consumers

The Consumer Financial Protection Bureau proposed a series of new rules that will give prepaid card users many of the same protections they would get with a bank account or credit card.

For instance, consumers would be protected if a card is lost or stolen, according to CNNMoney.

"Our proposal would close the loopholes in this market and ensure prepaid consumers are protected, whether they are swiping a card, scanning their smartphone or sending a payment," said CFPB Director Richard Cordray in a statement Thursday.

Read more from CNNMoney.