CFPB Provides Specifications For Online Submissions To Prepaid Account Agreements

The Consumer Financial Protection Bureau ("CFPB") provided technical specifications to help prepaid account issuers submit their prepaid account agreements online. The Prepaid Accounts Rule, which will become effective on April 1, 2019, will give prepaid debit cards and associated accounts federal protections that already exist for checking accounts and credit cards. The new CFPB technical specifications address the form and manner for submissions of prepaid account agreements to the CFPB, pursuant to Regulation E and Regulation Z. Under CFPB Rule 1005.19, added by the Prepaid Accounts Rule, prepaid account issuers must submit their currently offered prepaid account agreements to the CFPB, post those agreements on their websites, and make account agreements for open prepaid accounts available to consumers upon request. The technical specifications are intended to facilitate this process.