Proposed Amendments to the Prepaid Accounts Final Rule Summary

Updated 08/01/2017

This summary covers the proposed amendments to the Prepaid Accounts Final Rule. Important takeaways include: 1) adding exceptions to the identification and verification process; 2) creating a limited exception to the Regulation Z credit-related provisions for certain digital wallets; 3) clarifying the exception for certain loyalty, award, and promotional gift cards; 4) providing additional flexibility for certain pre-acquisition disclosures; and 5) allowing for a delay in submitting name changes in account agreements until the issuer has to submit other changes to the CFPB.

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