The federal Consumer Financial Protection Bureau this week announced new rules governing the prepaid debit card industry. The new rules require debit card issuers to provide their users with basic account information (such as balances & transaction history) free of charge. Further, they are now required to disclose the fees associated with the cards and expand protections for lost or stolen cards to cover prepaid debit cards as well. Under the new regulations, prepaid debit cards, a popular alternative to the traditional checking account, will have a set cap on fees for overdraft protection and require both short form (on the packaging of the debit card for purchase) and long form “Know before You Owe disclosures” (available on the web, by phone or electronically before opening a prepaid debit account. The new regulation will be effective one year out – on October 1, 2017.