Prepaid Account Regulations: A Readiness Checklist
Duration: 60 Minutes
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This payments webinar will review the products covered by the regulation and the criteria used to determine coverage. Also very important to understand is the information that must be disclosed to the consumer at the time of purchase whether in a store, branch office, online or via phone and finally we will discuss Regulation E protection requirements.
Our prepaid card webinar will conclude with the transaction history requirements and provide a deep-dive into the requirements for over-draft coverage and the conditions under which Regulation Z requirements must be followed. The payments webinar will finish with implementation of effective date requirements.
Objectives of the Presentation
A definition of which types of prepaid and other payment accounts are covered under the new rules
Requirements for providing overdraft coverage
Conditions that trigger Regulation Z requirements
Explanation and examples of new disclosure requirements
Timeline for implementation
Liabilities and responsibilities of issuers and their vendor partners
Why Should you Attend
The Consumer Financial Protection Bureau (CFPB) finalized their regulations regarding prepaid cards in October, 2016. Beginning in October, 2017 prepaid debit card users will have stronger federal consumer protections. The new rule requires financial institutions to limit consumers' losses when funds are stolen or cards are lost, investigate and resolve errors, and give consumers free and easy access to account information. The Bureau also finalized new "Know Before You Owe" disclosures for prepaid accounts to give consumers clear, upfront information about fees and other key details. Finally, products not previously regulated under Reg E. will be incorporated into the rules including P2P payments and some wallets. Be sure that you understand the regulation and how it may apply as you prepare for the October implementation. Join us for this prepaid card webinar as we help you navigate the key components of the new 1,689 page rule.