Proposed Amendments to the Prepaid Accounts Final Rule Summary
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.
Members Can Download This Tool
Login to Download
Not Yet a Member?
Financial compliance consulting that's all-inclusive for small-to-medium community financial institutions, Compliance Alliance is owned by 28 state bankers associations and trusted as a banking compliance resource. Find out how a personalized team of attorneys and compliance professionals helps financial institutions like yours to operate leaner and stimulate growth across your entire enterprise when you take our demo/tour.