Summary details products covered under final prepaid rule

Dec. 12, 2016 -- Financial products that are affected by the final prepaid accounts rule published by the CFPB – and which products are not affected – are outlined in a summary by NASCUS of NCUA’s recent Regulatory Alert on the prepaid rules. The summary is available to members only.

NCUA issued the alert (16-RA-07) last week, to draw attention to the CFPB final rule issued in October. The NASCUS summary notes that the CFPB rule creates comprehensive federal consumer protections for prepaid financial products under Regulations E and Z (which implement the Electronic Fund Transfer Act and the Truth in Lending Act).

In addition to outlining which financial products are covered, the NASCUS summary also notes the final rule provisions that provide consumer protections under Reg E, and under both Regs E and Z.

LINK:

NASCUS Summary: Prepaid Accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) (members only)