In October, the CFPB finalized its long-awaited rule on prepaid accounts. The rule broadly defined “prepaid account” to encompass a wide range of products and services that involve the storage of funds. The rule requires prepaid accounts to follow most provisions of Regulation E, and creates a comprehensive new “know before you owe” disclosure regime for prepaid accounts. The rule also regulates credit features offered in connection with prepaid accounts. David Beam will speak on a panel that will discuss the rule’s application to various kinds of products and services, and discuss compliance challenges that companies subject to the rule have been encountering.
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