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Thursday, February 2, 2017

CFPB Issues Compliance Guide on Prepaid Rule

The CFPB has issued a small entity compliance guide for its final rule on prepaid accounts. The rule brings prepaid accounts under Regulation E while also bringing certain credit-like features of some prepaid accounts under Regulation Z. The rule takes effect on Oct. 1, 2017.

The guide covers definitions of various prepaid accounts, exclusions in the rule, entities subject to the rule, required disclosures at various points, change-in-terms notices, periodic statements and alternatives, error resolution, limitations on liability, receipts at electronic terminals, access devices, compulsory use, account agreements, overdraft credit features, remittances and record retention, among other topics.

Download the compliance guide.

1 comment:

Melanie Knights said...

thanks for the guide..it's just what i was looking for..not only for my research with ultius pro but just for my personal knowledge gain..still sometimes i'm kind of confused about this overdraft feature..for example i opened an account with one bank and there the overdraft is automatically set up and cannot be cancelled..for example if i have let's say $2,000 on the balance another $1,000 is added to my balance and in the end i've got $3,ooo but the problem is that once i forget how much i've got and by mistake use more, bank will charge me..this is inconvenient..can a bank do this??

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