Compliance Resource training manuals are designed to be used when conducting in-house training, whether initial training upon implementation of the new requirement, periodic training for new team members or remedial training for longer-term team members.
The new rule amends the definition of account in Regulation E for a “prepaid account” and primarily requires banks to:
• Limit consumers’ losses when funds are stolen or cards, or access devices, are lost;
• Investigate and resolve errors within specific timeframes;
• Provide initial short and long form disclosures with detailed fee and other information;
• Provide transaction histories via phone and website;
• Provide protections similar to those for credit cards if consumers are allowed to overdraft
their prepaid accounts; and
• Wait at least 30 days after a customer registers an account before allowing overdraft
The mandatory compliance date is October 1, 2017. On March 9, 2017, the CFPB proposed to delay the Prepaid Account rules for six months, to April 1, 2018.