Comments on CFPB Prepaid Accounts Proposal Due by March 23
CFPB proposed comprehensive consumer protections for prepaid financial products.
Last November, the CFPB proposed comprehensive consumer protections for prepaid financial products under Regulation E (Electronic Fund Transfers) and Regulation Z (Truth in Lending). Comments on the proposal are due by March 23, 2015 (CU Mag 1/15, p. 38 and 42).
The proposal would require prepaid card providers to:
- Limit consumers’ losses when funds are stolen or cards are lost;
- Investigate and resolve errors;
- Provide easy and free access to account information; and
- Adhere to credit card protections if offering a credit product in connection with a prepaid account.
The proposal also would introduce new prepaid card disclosures, and require issuers post their account agreements on their websites and submit them to the CFPB for posting online.