CFPB Streamlines System For Prepaid Issuers To Submit Account Agreements

The Consumer Financial Protection Bureau ("CFPB") introduced a streamlined electronic submission system for prepaid account issuers to submit account agreements, including fee information, to the agency. The Prepaid Accounts Rule gives consumers of prepaid debit cards and associated accounts certain federal protections that already exist for checking accounts and credit cards. According to the CFPB, prepaid issuers can register for the system until April 1, 2019 (i.e., the effective date of the Prepaid Rule). In addition, the CFPB released compliance materials for prepaid issuers, including (i) a user guide, (ii) a quick reference guide, (iii) a recorded webinar and (iv) FAQs (see here for the available resources).