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Special Contribution by the NBPCA
Ashley: My name is Ashley Csaki, Director of Content and Experience at Momentum and it is my great pleasure to introduce Bob Skiba, Executive Vice President at InComm International. Mr. Skiba has held numerous senior financial management positions at companies including Ceridian, Gap, The Home Depot, Barney’s New York and others. Mr. Skiba received his MBA from the J.L. Kellogg School of Management at Northwestern University. Welcome Bob.
Bob: Hi Ashley. How are you?
Ashley: Good, Bob. Ok, so this past November the CFPB released it’s much anticipated proposed rule to regulate prepaid accounts- tell us a little bit about this new proposed rule and what you find to be some of the key takeaways.
Bob: I think that the key takeaway is the breadth and scope of the document. It’s 870 pages and will impact, as it stands, various facets of prepaid and payment. So, the first point is that it’s a broad document which in fact is very detailed in relation to the prepaid industry.
Ashley: And now that the industry has had some time to digest the new rule- what are you hearing? What is being embraced and what is causing concern?
Bob: Well, I think that the fact that the CFPB spent a great deal of time on the document (and it shows in the level of detail and the scope and breadth of the document) I think it’s the first call-out that I think everyone agrees on. Having said that, having an 870 page document is a bit of a daunting task (and I’m sure it was to write, to review and come up with key salient points that we would like to discuss with the CFPB). So we are at the process now at the NCPBA, but I know other payments and prepaid trade associations that are members of the NCPBA that are in the process of reviewing the document and coming up with a response to some of the requirements that are proposed in the document.
Ashley: OK, and it’s been noted that the proposed rule may impact other industries, including alternate currencies-would you mind elaborating on this?
Bob: Yes. I think the document is an exhaustive one that tries to look at all facets of payments and blends with prepaid and alternative payment currency – so I think there is more research that can be done – the CFPB has asked for a March 23rd deadline to get comments in. I know the NBPCA and several other associations have asked for an extension. However, we are working diligently to try to provide insights into the document and to further define what other industries may be impacted by the NPR.
Ashley: You will be Co-Chairing the NBPCA’s annual Power of Prepaid event this June in Washington DC– tell us a little bit about what attendees and members can expect for 2015 and what makes it the “must attend” prepaid event.
Bob: Yes, thank you. I think it’s a terrific opportunity for any member of the NBPCA, and also people who are considering joining the NBPCA, to attend. First and foremost, it’s situated in Washington and I think that makes it a unique characteristic. We are in the epicenter of the congressional and federal regulators and agencies which impact the industry; so I think that first and foremost is the fact that we will be able to attract key congressional representatives, also federal regulators, as well as agencies – and that includes the CFPB, FDIC, Office of the Comptroller of Currency and several other agencies and regulating bodies that in fact impact the prepaid industry. Now, having said that, with that attendance and kind of access to those key representatives and also agencies, we’re looking to invite and have come speak at the Power of Prepaid Conference these key people that will impact the payments industry in 2015 and beyond. So I think that’s the two big call-outs: one, we are right at the epicenter of all of the federal initiatives that are going to impact the payments and prepaid industry; and two, is the unique setting allows us to invite and have the audience participate in panel discussions, and other keynote presentations from these absolutely critical representatives from the various agencies and congress. So that’s what sets us apart from other trade associations, and also sets us apart from other conferences. So we look forward to the opportunity to have everyone join us in Washington D.C in June to attend the NPBCA’s Power of Prepaid event. Thank you.
Ashley: Excellent well those are all the questions I have for you today, thank you so much for taking the time to speak with us and I certainly look forward to seeing you this June at Power of Prepaid 2015 in Washington D.C.
Bob: Yes I appreciate it. Thank you very much for the opportunity to speak on a terrific conference that’s coming up in June