November 13, 2019 12:00pm EST
The Consumer Financial Protection Bureau ("CFPB") issued a final rule, on October 5, 2016, creating comprehensive protections for prepaid accounts under Regulation E and Regulation Z ("Prepaid Rule"). The CFPB subsequently issued final rules delaying the effective date to April 1, 2019, and clarifying certain provisions of the Prepaid Rule. The Prepaid Rule extends Regulation E's coverage to prepaid accounts; modifies Regulation E to create tailored provisions governing disclosures, limited liability and error resolution, and periodic statements for prepaid accounts; creates new requirements that apply only to prepaid accounts; regulates overdraft credit features that may be offered in conjunction with prepaid accounts.
About the Presenter:
Matt Goble is a senior compliance advisor for the Temenos Compliance Advisory team. Before coming on board with Temenos, Matt obtained his MBA from Troy University and worked as a compliance officer for a large institution in North Alabama. Currently, he advises over 600 financial institutions in federal regulatory compliance concerns and manages the website, product, and resource production for the advisory service at Temenos.