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Tuesday, April 7, 2015

ABA Staff Analysis Reviews CFPB Prepaid Proposal

To help compliance officers understand the Consumer Financial Protection Bureau’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 financial analysis.

For more information, contact ABA's Nessa Feddis.