Objectives of the Presentation
Why Should you Attend
- 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
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
- All Deposit Personnel
- Service Representatives
- New Accounts Personnel
- New Product Staff
- Account Officers
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.