Summary provides high-level review of CFPB’s prepaid rule

Oct. 19, 2016 -- An executive summary of CFPB’s new rule on prepaid financial products – itself 11 pages long to cover a rule that is nearly 1,700 pages in length– is summarized by NASCUS and posted on the website.

The CFPB executive summary of the rule was issued to provide a high-level review of the rule, the NASCUS summary notes, and points out seven key aspects addressed:

  • The definition of a “prepaid account;”
  • Applicability of Regulations E and Z to prepaid accounts;
  • Error resolution and limitations on liability;
  • Periodic statements and periodic statement alternatives;
  • Internet posting and submission of prepaid account agreements;
  • Overdraft credit features;
  • Effective dates

LINKS:

NASCUS Summary/CFPB executive summary of new rule on prepaid financial products

CFPB executive summary of the Prepaid Rule