Proposed Amendments to the Prepaid Accounts Final Rule Summary
This summary covers the proposed amendments to the Prepaid Accounts Final Rule. Important takeaways include: 1) adding exceptions to the identification and verification process; 2) creating a limited exception to the Regulation Z credit-related provisions for certain digital wallets; 3) clarifying the exception for certain loyalty, award, and promotional gift cards; 4) providing additional flexibility for certain pre-acquisition disclosures; and 5) allowing for a delay in submitting name changes in account agreements until the issuer has to submit other changes to the CFPB.
Members Can Download This Tool
Login to Download
Not Yet a Member?
Our members enjoy:
On-demand regulatory guidance hotline – by chat, phone and email – available from anywhere, on any device – 7 am - 6 pm, M-F, Central time
Research time saved daily/ weekly across forms, across checklists, across trainings — for every regulation
Hours of form-building and branding of bank documents saved; in some cases, even the budget of additional staff
A sounding board for support and reassessment when institutional goals or the regulatory environment changes
Access to attorneys and compliance specialists for risk modelling and decision-making in advance of large business decisions
The knowledge that C/A was created and owned by 29 State Bankers Association to provide bank compliance services to their membership organizations
Find out how a personalized team of attorneys and compliance professionals helps build targeted compliance strategies throughout your institution when you take our Live Membership Demo.