New Prepaid Card Rules under Regulation E - Are You Prepared for the Impact (Effective April 1, 2018)

Duration: 60 Minutes
This final rule was issued to create comprehensive consumer protections for prepaid accounts under Regulation E and Regulation Z. The final rule modifies general Regulation E requirements to create tailored provisions governing disclosures, error resolution and limited liability, also periodic statements, and adds new requirements regarding the posting of account agreements. The final rule also regulates overdraft credit features that may be offered in conjunction with prepaid accounts. These credit features, covered under Reg Z are subject to certain exceptions. This webinar will cover all details of the New Rule, a must attend event!
New Prepaid Card Rules
Instructor: Donna K Olheiser
Product ID: 506625
Objectives of the Presentation
  • Defining the account and cards that are covered under the new rule
  • Details on Pre-acquisition disclosures (samples)
  • List the changes required for periodic statements
  • Identify the changes in error resolution and limitations on liability
  • Applicability of Regulation Z to hybrid prepaid credit cards
Why Should you Attend
To summarize the new rule, prepaid cards and their mobile, electronic versions will receive the same protection from fraud and unauthorized charges under Regulation E as do the traditional debit and ATM cards. There are also special rules regarding fee schedules, pre-acquisition disclosures, and periodic statements for prepaid cards.

The final rule also adopts a number of exclusions from the definition of prepaid account, including for gift cards and gift certificates; accounts used for savings or reimbursements related to certain health, dependent care, and transit or parking expenses; accounts used to distribute qualified disaster relief payments; and the P2P functionality of accounts established by or through the United States government whose primary function is to conduct closed-loop transactions on U.S. military installations or vessels, or similar government facilities.

Attend this webinar to hear about these new changes that become effective April 1, 2018.

Who will Benefit
  • Banking staff
  • Compliance staff
  • Auditors
  • All Deposit Personnel
  • Tellers
  • Service Representatives
  • New Accounts Personnel
  • New Product Staff
  • Account Officers
  • Managers
Topic Background
Comprehensive protections have been added to Regulation E, making it applicable to payroll card accounts, government benefit accounts, and other types of prepaid products.

The CFPB issued its final rule for prepaid accounts and cards in Oct 2016, by creating new consumer protection. Initially, this rule was scheduled to become effective on October 1, 2017; however, the CFPB extended this effective date by six months, to April 1, 2018.
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  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
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Instructor Profile:
Donna K Olheiser, AAP, is the vice president of Education Services and founder of Dynamic Mastership, LLC. She is an enthusiastic and energetic Certified Master Trainer with over 14 years' training experience. She has designed and facilitated over 100 training sessions each year with her expertise being the rules for companies and financial institutions when processing electronic (specifically ACH) payments, then scheduling the events to facilitate and deliver the material through a variety of venues (webinars, teleseminars, in-person workshops, including regional and national conferences).

Her extensive knowledge, enthusiasm and passion for transferring payment processing knowledge using the adult learning theory is remarkable and has helped many payment professionals perform daily operational tasks including exception processing while remaining compliant with the NACHA Operating Rules. She uses scenarios and examples to bring the learning home, easy to comprehend and apply to real-life day-to-day ACH processing. Ms. Olheiser's ability to engage the learner through the entire training event helps the adult learner apply what they've learned during and after each training session.

She has over 24 years of experience in the financial services industry which includes 9 years' experience as the education service director at a Regional Payments Association (RPA), where she managed and facilitated the entire education program for nearly 800 financial institution members. Prior to that, Ms. Olheiser spent 14 years in various departments with the Federal Reserve Bank of Minneapolis and also holds the Accredited ACH Professional (AAP) designation (achieved in 2004).
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