WASHINGTON—Prepaid cards, which started out as simple gift cards from retail stores, have morphed into popular financial-management tools with functions that rival bank checking accounts. Now regulators are playing catch-up, with plans to roll out a new rule this fall that will bring oversight of the sector closer to regulations covering banks. The coming rule from the Consumer Financial Protection Bureau marks the federal government’s first comprehensive effort to police the rapidly growing market catering to tens of...

Source: Wall Street Journal September 17, 2016 09:22 UTC