Prepaid Payment Products

News & Analysis as of

An Overview of the CFPB’s Proposed Prepaid Account Rule

The CFPB’s proposed prepaid account rule was published in the Federal Register today, kicking off a 90-day comment period for the public to voice their support or objections to the Bureau’s proposed revisions to Regulation E...more

Community Banks Adding Prepaid Products Face New Imperatives

It has been well-known in banking compliance law that the Consumer Financial Protection Bureau (“CFPB”) has been planning to issue substantial consumer protection rules with respect to prepaid products. That time has now...more

Community Banking Excellence - Issue 4, 2014

In This Issue: - Another Perspective - From the Editor - Executive Compensation: It May be Limiting Your Choices - Community Banks Adding Prepaid Products Face New Imperatives - Discharge, Debt Buyers and...more

CFPB Releases Proposed Prepaid Product Rule

Why it matters - The Consumer Financial Protection Bureau (CFPB) released a proposed rule that Director Richard Cordray said would “fill key gaps” for consumers regarding prepaid products. The 870-page proposal would...more

CFPB announces pilot to promote consumer savings

As part of its Project Catalyst, the CFPB’s initiative for facilitating innovation in consumer-friendly financial products and services, the CFPB has announced a new research pilot using insights from behavioral economics and...more

CFPB Proposes Sweeping New Regulations for Prepaid Products

CFPB proposes to regulate a wide variety of prepaid access devices (card-based, electronic, or virtual) as equivalent to credit cards. The Consumer Financial Protection Bureau (CFPB) recently proposed extensive new...more

CFPB Issues Proposed Rules for Prepaid Products

On November 13, 2014, the Consumer Financial Protection Bureau (“CFPB”) proposed new rules for prepaid accounts, to be effectuated through amendments to the regulations implementing the Electronic Fund Transfer Act and the...more

CFPB Fall 2014 rulemaking agenda indicates further delay in proposed debt collection and other rules

Based on the CFPB’s Fall 2014 rulemaking agenda, proposed rules dealing with payday loans/deposit advance products, overdrafts, and debt collection are still months away. The CFPB’s timetables for “prerule activities”...more

Overview of the CFPB Prepaid Account Proposed Rule

On November 13, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule to regulate prepaid accounts (the “Proposed Rule”). The Proposed Rule follows the CFPB’s May 2012 advance notice of proposed...more

CFPB Holds Field Hearing On Prepaid Products, Proposes New Rule

On November 13, the CFPB held a field hearing in Delaware to discuss its proposed rule regarding prepaid products. The proposal, which would amend Regulation E and Regulation Z, requires prepaid companies to provide certain...more

CFPB Proposes to Treat Prepaid Cards Like Checking Accounts and Credit Cards

The CFPB yesterday proposed a new rule that would regulate prepaid accounts. The rule, which is 870 pages long, would apply not only to plastic prepaid cards, but also to some mobile and electronic prepaid accounts not...more

CFPB Issues Broader Than Expected Prepaid Card Proposal and Model Forms

On November 13, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited proposal with respect to prepaid cards. This proposal, which consisted of 870 pages, covers traditional prepaid cards as well as mobile...more

CFPB issues prepaid account study

Simultaneously with the release of its 870-page prepaid account proposal last week, the CFPB issued a “Study of prepaid account agreements.” On December 12, 2014, from 12 p.m. to 1 p.m. ET, Ballard Spahr attorneys will hold a...more

CFPB holds field hearing on proposed rules for prepaid accounts

Yesterday I attended the Consumer Financial Protection Bureau’s (CFPB) field hearing in Wilmington, Delaware, at which the CFPB unveiled and accepted public comment on its long-awaited proposed rule for prepaid accounts under...more

Corporate and Financial Weekly Digest - Volume IX, Issue 45

In this issue: - Proxy Advisory Firms Release Policy Updates for 2015 - CBOE Makes Enhancements to Its Market-Maker Trade Notification System - OTC Derivatives Regulators Group Issues Report to G20...more

CFPB Issues Proposed Rule for Prepaid Financial Products

Today, the Consumer Financial Protection Bureau (CFPB) issued a proposal designed to establish comprehensive consumer protections for prepaid financial products. The CFPB proposed substantial amendments to Regulation E, which...more

Sweeping Prepaid Card Proposal Issued by CFPB

Today, the Consumer Financial Protection Bureau (“CFPB”) issued its long-awaited proposed rule to further regulate prepaid card products (the “Proposed Rule”). The Proposed Rule was the topic of discussion at a field hearing...more

CFPB Proposes Sweeping Changes for Prepaid Cards

The Consumer Financial Protection Bureau has issued an 870-page proposal for prepaid cards (including 156 pages of actual proposed rules) that mandates new disclosures, error resolution procedures, consumer liability limits...more

CFPB Proposed Prepaid Account Rule

On November 13, 2014 the Consumer Financial Protection Bureau issued its long-awaited proposed rule on prepaid products. The rules would apply broadly to any “prepaid account,” whether in the form of a card, code or other...more

Mobilizing on Mobile Apps: The FTC’s Comment to the CFPB Signals its Priorities

In recent months, the Federal Trade Commission (“FTC”) has been steadily ramping up its efforts to monitor, regulate, and provide best practice guidance in the rapidly expanding field of mobile applications. On September 10,...more

CFPB Opens Door for Prepaid Card, Nonbank Product Complaints

Expanding its collection of consumer complaints, the Consumer Financial Protection Bureau (CFPB) announced that it will now accept complaints regarding prepaid cards – including gift cards, benefit cards, and general purpose...more

Banking & Financial Services E-Note - July 2014

In This Issue: - New Rule Will Require Banks to Provision for Bad Loans Earlier - Four Years After Dodd-Frank, Law Still Unfinished - Senate Panel to Review Borrowing of 'Too Big to Fail' Banks - Community...more

Dodd-Frank News: July 2014 Dodd Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - Recent Cases ..RESPA ..FDCPA ..TCPA ..FCCPA & FDCPA ..TILA - In The News ..CFPB to Begin Collecting Complaints Regarding Prepaid Cards ..CFPB Proposes Letting...more

Federal Reserve Board Reports On Prepaid Cards, Domestic Payments

Recently, the Federal Reserve Board released two payments-related reports: (i) a report to Congress on government-administered general use prepaid cards; and (ii) a detailed report on the Federal Reserve’s 2013 payments...more

CFPB Expands Complaint Collection To Include Prepaid Cards, Additional Nonbank Products And Services

On July 21, the CFPB announced that it is now accepting consumer complaints regarding (i) prepaid products, including gift cards, benefit cards, and general purpose reloadable cards; (ii) credit repair services and debt...more

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