Prepaid Payment Products

News & Analysis as of

Gift card litigation: Recent developments

Many retailers and shopping centre landlords use gift cards to build brand loyalty. These prepaid purchase cards come in a variety of types. They can be reloadable or not. They may be “open-loop” stored-value cards that can...more

NYPAY: Regulation Prepaid

Last week, DWT Consumer Financial Services team member Tom Scanlon spoke at the June NYPAY panel titled, “Regulating Prepaid: Balance Between Protecting Consumers & Promoting Payments”. NYPAY is a New York-based forum...more

CFPB Publishes Spring 2016 Regulatory Agenda

On June 9, 2016, the Consumer Financial Protection Bureau (CFPB) released its semi-annual regulatory agenda for Spring 2016. The agenda identifies the CFPB’s priorities through April 2017. While it does not include any major...more

RushCard Settles Service Disruption Suit for $20.5M

RushCard will pay a total of $20.5 million to settle a lawsuit over an incident that resulted in thousands of consumers being shut out of their prepaid card accounts last October....more

CFPB Releases 2016 Rulemaking Agenda

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced its Spring 2016 Rulemaking Agenda, setting forth its current initiatives. In its latest installment of the semi-annual update, the Bureau highlighted...more

US Consumer Financial Protection Bureau Issues Rulemaking Agenda; Delays Issuance of Prepaid Card Rule

The Consumer Financial Protection Bureau issued a semiannual update of its rulemaking agenda which provides an overview of the agency’s major current initiatives. Among other initiatives, the CFPB notes that it expects to...more

CFPB Releases Spring 2016 Rulemaking Agenda

The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not...more

CFPB releases Spring 2016 rulemaking agenda

The CFPB has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not reflect the CFPB’s release of its proposed...more

Department of Education Cash Management Regulations To Become Effective

Final regulations promulgated last year by the United States Department of Education (the “Department”) become effective July 1, 2016. The Department stated that the purpose of the regulations is “to address recent changes in...more

Guidance Issued on Applying CIP Requirements to Holders of Prepaid Cards

Federal banking regulators have issued guidance on the applicability of customer identification program (“CIP”) regulations to prepaid cards (the “Interagency Guidance”). Among other things, the Interagency Guidance clarifies...more

Reality and Trend of China’s Regulation on Payment Service by Non-Financial Institutions 2016

Understanding the payments regulatory environment in China—both the existing regime and pending developments—is essential for companies engaged in cross-border payments activities (particularly non-financial institutions). At...more

Prepaids in Focus: Federal Regulators Clarify CIP Rules

The federal banking agencies and the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) have issued guidance to banks to clarify how the Bank Secrecy Act's customer identification program (CIP)...more

Senate Legislation to Regulate Small-Dollar Loans and Prepaid Cards

On April 7, 2016, Sen. Jeff Merkley (D-OR) introduced the “Stopping Abuse and Fraud in Electronic Lending Act of 2016,” or “SAFE Lending Act of 2016,” amending the Truth in Lending Act (“TILA”) and the Electronic Fund...more

U.S. Consumer Financial Services Regulation: What to Expect in 2016

At the 2016 Digital Payments Intensive in London, DWT Emerging Payments and Prepaid team leader Andy Lorentz offered attendees insight into some major recent and upcoming developments with respect to regulation of consumer...more

Federal Regulators Clarify Bank CIP Obligations for Prepaid Cardholders

Banks and credit unions that issue reloadable, general purpose prepaid cards must apply Customer Identification Program (CIP) procedures to those cardholders, according to guidance issued by the federal banking regulators and...more

CFPB Roundup: Monthly Complaint Snapshot, Supervisory Highlights, and Complaints About Online Marketplace Lenders

The Consumer Financial Protection Bureau (CFPB) has had a busy few weeks, releasing the latest monthly snapshot of consumer complaints, publishing its Supervisory Highlights newsletter to reveal the Bureau has recovered $14.3...more

Democratic Senators expected to introduce bill requiring CFPB registration of lenders making small-dollar loans

A group of Democratic Senators led by Oregon Senator Jeff Merkley is expected to introduce the “Stopping Abuse and Fraud in Electronic Lending Act of 2016” or “SAFE Lending Act of 2016.” The bill represents the latest version...more

FinCEN Releases Additional FAQs on Prepaid Access Rule

On March 24 FinCEN issued a second set of the Frequently Asked Questions meant to clarify key questions that have persisted regarding compliance with the Prepaid Access Rule. The FAQs covered five questions....more

Financial Services Weekly News - March 2016 #5

Regulatory Developments - SEC Issues FAST Act IM Guidance - The SEC published an IM Guidance Update highlighting two exemptions from registration under the Investment Advisers Act of 1940 (the Advisers Act) that...more

CFPB Spotlights Prepaid Products in Latest Monthly Snapshot; References Pending Prepaid Final Rule Release

Earlier this month the CFPB again highlighted prepaid card products in its Monthly Snapshot. In December 2015, the product spotlight was money transfers, but the CFPB also noted a doubling in prepaid complaints as compared to...more

Interagency Guidance: CIP Requirements Apply to Certain Prepaid Cards

On March 21, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency (OCC), and the U.S. Department of...more

Banking Agencies, FinCEN Issue Guidance on Applying CIP Requirements to Prepaid Cards

On March 21, 2016, the Banking Agencies, along with the Financial Crimes Enforcement Network (FinCEN), issued guidance to banking institutions on applying customer identification program (CIP) requirements when issuing...more

FinCEN Issues FAQs on Prepaid Access

On March 24, 2016, the Financial Crimes Enforcement Network issued a set of frequently asked questions (FAQs) regarding prepaid access. This set of FAQs is meant to supplement a previous set of FAQs issued in 2011 by FinCEN...more

US Federal Financial Institution Regulatory Agencies Release Guidance to Issuing Banks on Applying Customer Identification Program...

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency and Financial Crimes Enforcement Network issued...more

Financial Services & Products Advisory: Interagency Guidance to Issuing Banks on Applying CIP Requirements to Prepaid Cards

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency and U.S. Department of the Treasury’s Financial...more

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