The U.S. Consumer Financial Protection Bureau is set to propose new rules to protect consumers using prepaid debit cards, according to a report in the Wall Street Journal.

The CFPB's proposals, expected to be released Thursday, will affect how prepaid-card companies disclose fees. The proposals will also make it difficult for users to spend more money than they have loaded onto the card.

The new rules come as the prepaid debit card business continues to attract new customers. The CFPB estimates prepaid debit cards to be an $80 billion industry. Consumer advocates have criticized the business for charging high fees that are not routinely disclosed.

Yahoo Finance Editor in Chief Aaron Task says, “This is all about reducing fees for the consumer and making it easier for the consumer to understand what the fee structure is.”

Most users of prepaid debit cards do not have bank accounts. “There are unfortunately millions of Americans who think this is the only way they can manage their finances because a lot of them are either in poverty or on the verge of poverty, and they can’t get a bank account or they don’t want a bank account,” says Task.

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Celebrities like Justin Bieber, the Kardashian sisters, and financial guru Suze Orman have all pushed prepaid debit cards. The Kardashian card was discontinued in 2010 after less than a month on the market. The card charged $100 just to activate it for use. Justin Bieber is no longer prominently backing a card. Orman quietly ended her card this summer.

Hip Hop mogul and entrepreneur Russell Simmons got into the business with his prepaid debit card, the RushCard, more than 10 years ago. He insists his card and other prepaid cards have gotten a bad rap.

In a column for Yahoo Finance last September, Simmons argued that his card actually promotes financial responsibility. He wrote, “Prepaid cards are a safe, viable and responsible option for millions of Americans who need an alternative to traditional banking, check cashing and credit products…Our customers thank us every day for the level of discipline we help them practice.”

Now, traditional financial institutions like JPMorgan Chase (JPM) and American Express (AXP) are trying their hands in the business. “It’s good business for them,” says Task, but they need to be “transparent about what these fees are.”

The CFPB's power is to enforce new requirements remains to be seen. But Task believes "the industry will follow along in what they recommend."