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Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Financial Institution Letters

FIL-76-2016
November 8, 2016

Final Rule Creates New Prepaid Account Requirements Pursuant to the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z)

Printable Format:

FIL-76-2016 - PDF (PDF Help)

Summary:

The Consumer Financial Protection Bureau (CFPB) issued a final rule establishing new consumer compliance requirements for prepaid accounts pursuant to Regulations E and Z. These requirements govern disclosures, limited liability and error resolution protections, credit features, and making account agreement information publicly available for prepaid accounts, among other provisions.

Financial institutions must comply with the rule beginning October 1, 2017, though certain provisions are not effective until October 1, 2018.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised institutions.

Highlights:

The final rule:

Continuation of FIL-76-2016

Distribution:

Suggested Routing:

Related Topics:

Attachments:

Contacts:

Note:

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at https://www.fdic.gov/news/news/financial/2016/.

To receive FILs electronically, please visit https://www.fdic.gov/about/subscriptions/fil.html.

Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).

Financial Institution Letters
FIL-76-2016
November 8, 2016

Issuance of Final Rule Creates New Prepaid Account Requirements Pursuant to the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z)

The Consumer Financial Protection Bureau (CFPB) issued a final rule establishing new consumer compliance requirements for prepaid accounts pursuant to amendments to Regulations E and Z. These requirements govern disclosures, limited liability and error resolution protections, credit features, and making account agreement information publicly available for prepaid accounts, among other provisions. The effective date for these provisions is October 1, 2017, unless noted otherwise.

The final rule amends Regulation E, among other things, by:

The final rule amends Regulation Z, among other things, by:

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