The finalized updates to the Consumer Financial Protection Bureau ("CFPB") rule on prepaid card accounts (the "Prepaid Rule") were published in the Federal Register.
As previously covered, the Prepaid Rule is designed to implement consumer protections on certain prepaid accounts subject to Regulation E and Regulation Z. The updates (i) adjust requirements for resolving errors on unregistered accounts, (ii) create an exception from certain credit provisions for linkages between prepaid account and credit account issuers, and (iii) postpone the effective date of the Prepaid Rule until April 1, 2019.
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