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Prepaid Accounts

Recorded on January 10, 2018

The CFPB delayed the effective date of its Prepaid Accounts Rule six months, to April 1, 2018, but now the time is short for banks to address their implementation of the rule’s requirements. There are significant changes to Regulations E (and some to Regulation Z) to provide consumer protections to millions of prepaid account holders. Banks (and others) that issue prepaid cards or hold consumer prepaid accounts must be ready to provide new disclosures, account statements (or online transaction history access), error resolution procedures, and more that the new rule requires.

This webinar will analyze the rule and its impact by discussing -

  • The cards and accounts covered by the rule (and those that aren't)
  • Requests for more definition
  • Pre-purchase and new account disclosures
  • Determining who your customer is
  • Prepaid accounts and CIP
  • Account statements (and alternatives)
  • Error resolution
  • Limitations on consumer liability for unauthorized transactions
  • Publication of card agreements
  • Incidental overdrafts
  • Hybrid prepaid-credit cards
  • Ability to repay requirements
  • The waiting period before offering credit features
  • Credit billing statements and late fees
  • Fee limits
  • Interest charges and limits on rate increases
  • The "wall" between prepaid funds and credit repayment
Webinar Reviews: 

excellent materials and presentation - - anaperkins

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