To help compliance officers understand the CFPB’s proposal to regulate prepaid cards under Regulation E and Regulation Z, ABA recently released a staff analysis summarizing the proposed rule and the association’s comments in response.
The analysis covers the definition of prepaid account, the bureau’s treatment of “credit” related to prepaid accounts (including unavoidable overdrafts), prepaid account disclosures, customer access to account information, limits on liability, error resolution and proposed compliance deadlines.
Read the staff analysis.
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