On June 15, the Consumer Financial Protection Bureau (CFPB), announced that it is seeking comments on proposed updates to its prepaid rule, “Prepaid Accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z)” (Prepaid Rule). The Prepaid Rule incorporates prepaid accounts under Regulations E and Z and was originally published in the Federal Register on November 22, 2016 (81 FR 83934) and amended on April 25, 2017 (82 FR 18975).
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On March 21, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Financial Crimes Enforcement Network (collectively, the “regulators”) issued new guidance related to the application of customer identification (CIP) program requirements to prepaid card customers. The regulators issued the guidance in connection with their authority under Section 326 of the US Patriot Act.
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