Proposed Delay in Prepaid Rule

The CFPB has proposed delaying the effective date of its final rule on covered prepaid accounts.  The delay would move the effective date from October 1, 2017 to April 1, 2018. From the CFPB: Today, we released a proposal to delay the effective date of our rule governing prepaid accounts by six months. The CFPB’s prepaid accounts rule will provide … Read More

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, … Read More

Prepaid Account Regulations

On October 5, the CFPB released its final rule for prepaid accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z). The rule, which is nearly 1700 pages, provides sweeping consumer protections that impact all aspects of the prepaid industry. The rule, which generally becomes effective on October 1, 2017, will require prepaid providers … Read More

Final Prepaid Account Rules Released

On October 4, the CFPB released its final rule for prepaid cards.  The rule will cover traditional prepaid cards, general-purpose reloadable cards, mobile wallets, person-to-person payment products, and other electronic prepaid accounts that can store funds.  Payroll cards, student financial aid disbursement cards, tax refund cards, and certain federal, state, and local government benefit cards such as those used to … Read More