"Today's announcement [regarding the addition of FDIC insurance, check writing and direct deposit], which reflects feedback from consumers, advocacy groups and government officials, represents the next set of enhancements that further distinguish Bluebird from other financial services options," said Schulman in a prepared statement.

It remains unclear whether the CFPB will see the Bluebird enhancements as a positive response to its concerns regarding transparency and safety, or as an attempt to turn the card into something that resembles a checking account -- minus the banking regulations that come with it.