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ARTICLE · 03 JULY 2015

Webinar: Digital Wallets, Mobile Payments And The CFPB's Prepaid Proposal

Morrison Foerster
Morrison Foerster
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On December 23, 2014, the CFPB published its long-awaited proposal to regulate prepaid cards (the "Proposed Rule").

United StatesFinance and Banking
Morrison & Foerster LLP
Morrison & Foerster LLP
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Wednesday, July 15, 2015

12:00 p.m. – 1:00 p.m. EDT

West LegalEdcenter Webinar

On December 23, 2014, the CFPB published its long-awaited proposal to regulate prepaid cards (the "Proposed Rule"). The Proposed Rule is expansive in scope and would regulate as "prepaid accounts" certain digital wallet products, person-to-person (P2P) payment functionality and potentially person-to-business (P2B) payment products.  The Proposed Rule would amend key provisions of the CFPB's Regulation E and Regulation Z, mandate extensive disclosures, establish error resolution procedures and limitations on consumer liability for unauthorized transactions, and apply provisions of Regulation Z applicable to open-end credit transactions to overdraft services and so-called "credit features" or "credit plans" that may be associated with prepaid card accounts.

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