On November 15, the Consumer Financial Protection Bureau issued
a fact sheet to highlight the new requirements and deadlines
imposed by the Bureau's latest Prepaid Rule, which was
finalized last month. The fact sheet notes the effective
dates of new requirements under the Rule and lists any related
exceptions or accommodations.
The Bureau issued the new Prepaid Rule on October 5 to amend
Regulation E, which implements the Electronic Fund Transfer Act,
and Regulation Z, which implements the Truth in Lending Act.
These amendments reflect an effort to create comprehensive consumer
protections for prepaid accounts, including payroll card accounts
and government benefit accounts. According to the CFPB, the
Prepaid Rule modifies general Regulation E requirements to create
tailored provisions governing disclosures, limited liability and
error resolution, and periodic statements. Additionally, the
Rule adds new requirements regarding the posting of account
agreements
