March 08, 2017

Prepaid Accounts: Expanded Consumer Protection by the CFPB

Angela Sabbe and Heather Koo – March 8, 2017

The Consumer Financial Protection Bureau (CFPB) issued its final rule (Final Rule) expanding protections for consumers on prepaid accounts by amending Regulations E and on October 5, 2016. (The original proposal dates back to November 2014.) The expanded regulations give prepaid accounts protections similar to standard checking accounts. Prepaid accounts with overdraft protection or other credit features will now have protections similar to those required for traditional checking accounts and standard credit cards.

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