New: NASCUS Announces Introduction to Prepaid Cards Webinar

July 10, 2012 - NASCUS in conjunction with Comptegrity will hold a webinar on July 31 at 1 p.m. to provide credit unions and examiners an introduction to prepaid access issues. The webinar is 90 minutes. To register, click here to be directed to Comptegrity's website.

Prepaid 101:

A Basic Guide to Understanding Prepaid Cards, the Opportunities for Credit Unions and the Challenges Facing Regulators

Whether credit unions issue or sell Prepaid Cards, or simply provide services to members that sell Prepaid Cards, this Introductory Webinar will provide Credit Unions and their Regulators with essential information to better understand the product.

The Webinar will explain what Prepaid Access is, the different types of Prepaid Access products, the differences between Prepaid Access products, the different roles credit unions may play in Prepaid Access programs and how Prepaid Access can complement a Credit Union's other product offerings. The Webinar will also explore the legal and regulatory challenges that Prepaid Access presents and provide practical information on how to address these issues.

Webinar Overview

What is Prepaid Access?

What are the different types of prepaid access products?
What is the difference between closed loop and open loop prepaid access?
What are GPR cards?
How do payroll cards differ from government benefit cards?
What about mobile wallets and virtual currencies?

What Opportunities do Prepaid Cards Offer for Credit Unions?

Are Prepaid Cards are reasonable alternative to traditional share draft accounts? 
Can prepaid cards attract more members?
Can prepaid cards be offered to nonmembers?
Can a credit union generate new revenue by issuing prepaid cards? 

What are the Key Regulatory and Compliance Concerns for Prepaid Access?

Disclosures: CFPB, Reg E and UDAAP
Bank Secrecy Act / AML Compliance
Managing third party vendor / service provider relationships
Abandoned property
Durbin Amendment, overdrafts, and Federal insurance coverage
Employment laws
State money transmitter laws
Network and Association rules

How to Address These Legal and Regulatory Concerns

Lessons to be learned from regulatory guidance and enforcement actions
Understanding roles and responsibilities and allocating compliance obligations
Drafting contractual agreements
Monitoring regulatory developments: what’s coming

All participants issuing, selling or distributing Prepaid Access need to understand that criminals will abuse Prepaid Access, but a good compliance program will reduce that risk and provide protection from prosecution

Presented by
Carol R. Van Cleef, Partner, Patton Boggs LLP
Shawn Carden, Vice President, Operations and Enterprise Risk Management, AchieveCard
Webinar Fee $ 199.00
To register, click here to be directed to Comptegrity's website.