The Washington Post Interviews Karen Garrett about the Risk of Banks Sponsoring Prepaid Debit Cards
Stinson Leonard Street attorney Karen Garrett provided comments to The Washington Post about the hurdles banks face when sponsoring prepaid debit cards. With more retailers offering prepaid debit cards the Post examined the growth in this area and what it requires of the banks that back them.
“There’s great demand for bank sponsors," said Garrett in the article. "But it’s not something to be done without an enormous investment into the infrastructure to manage the whole thing.”
Garrett, a partner in the firm's Banking & Financial Services Division, has significant experience working with financial institutions, trade associations, and other businesses regarding regulatory and operational matters relating to prepaid products, and other payment systems matters. As in-house counsel and outside counsel, Garrett has frequently worked with clients on product development, focusing on legal and compliance issues surrounding new products and services.
Read the full article: Rise in prepaid debit cards entices banks to sponsor them