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Wednesday, March 8, 2017

CFPB Publishes Guide to Prepaid Rule Disclosures

The CFPB has published a guide on the short-form disclosures required by its final rule on prepaid accounts. The guide provides basic instructions on how to prepare the disclosures for prepaid accounts other than government benefit accounts or payroll account cards. The final rule, which takes effect Oct. 1, 2017, amends Regulation E to encompass prepaid cards as well as Regulation Z to cover prepaid products with credit-style elements.

To help bankers comply with the final rule, ABA has also created a staff analysis which defines prepaid accounts, outlines pre-acquisition and initial required disclosures, describes alternatives to the periodic statement requirement and covers public posting of agreements.

View the CFPB guide.
Read ABA's staff analysis.

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