Tag:Electronic Fund Transfer Act

Potential Major Change for U.S. Prepaid Products: Paypal vs CFPB Court Vacates Two Significant Restrictions in CFPB’s Prepaid Account Rule
Remittance Companies in CFPB’s Crosshairs
CFPB Finalizes Much-Anticipated Prepaid Account Rule

Remittance Companies in CFPB’s Crosshairs

By Jeremy McLaughlin and Judie Rinearson

The Consumer Financial Protection Bureau (CFPB) recently announced settlements with two remittance transfer providers for violations of the Electronic Funds Transfer Act (EFTA) and the Remittance Rule, part of the regulation that implements the EFTA—an area in which there isn’t typically much CFPB enforcement activity.

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CFPB Finalizes Much-Anticipated Prepaid Account Rule

By Eric A. Love, Linda C. Odom and Judith Rinearson

On October 5, the Consumer Financial Protection Bureau (“CFPB”) issued its much-anticipated Final Rule for prepaid accounts under the implementing regulations for the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z).  The Final Rule is effective on October 1, 2017 and governs “prepaid accounts” including:*

  • general purpose reloadable cards
  • mobile wallets and certain other electronic prepaid accounts
  • peer-to-peer payment products
  • student financial aid disbursement cards
  • tax refund cards
  • payroll cards
  • government benefit cards

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