Prepaid Rule – Short Form Disclosure Guide

On January 31, the CFPB released a guide for preparing the short form disclosure for prepaid accounts.  The guide is based on Regulation E’s Model Form A-10(c) and provides basic “how to” instructions to help financial institutions prepare short form disclosures for prepaid accounts.  The CFPB also has a page dedicated to the Prepaid Rule that includes a small entity guide, coverage chart, and other useful information for the credit union.  Most of the requirements of the Prepaid rule are effective date October 1, 2017.

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