The Bureau’s Final Prepaid Accounts Rule: What You Need to Know From E to Z
November 9, 2016
The Consumer Financial Protection Bureau (CFPB) announced final rules concerning prepaid accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z). The final rules include disclosure requirements and substantive limitations on prepaid cards as well as new requirements for overdraft service on prepaid cards. The new rules apply broadly to prepaid cards, including certain mobile wallets, P2P platforms, reloadable prepaid cards, payroll cards and cards used to deposit certain government benefits. Online accounts used to store money electronically will also be covered.
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