Global Finance: Prepaid Cards on the Block
J.P. Morgan Chase & Co. took another step in its strategy to unload some of its minor businesses, exploring putting part of its prepaid card operations on the auction block.</br></br>The big New York bank said Thursday it is exploring the sale of the card business, which includes plastic disbursed by governments for tax refunds, child support, food stamps, unemployment benefits and state payrolls. The business also includes cards used for health-savings accounts.</br></br>Such cards are increasingly coming under scrutiny from regulators amid concerns about high fees.</br></br>The Consumer Financial Protection Bureau in September said that employers can't require that workers receive paychecks on debit cards, also known as payroll cards.</br></br>J.P. Morgan has been considering the move for several months as part of its strategy to sell operations that are risky or aren't significant to its bottom line.