Preparing For The New Prepaid Card Rules
Dena Somers is a regulatory compliance expert with more than 20 years legal and consulting experience in the banking and financial services industries. She has domain expertise in all areas of consumer and mortgage lending compliance, including privacy, AML/BSA, OFAC, and information security requirements. Previously, Dena served as General Counsel/CCO for several fintech, mortgage, and specialty finance lenders where she led all aspects of the legal, compliance, and risk management functions. She provides regulatory compliance consulting to lenders and service providers nationwide.
On January 25, 2018, the CFPB issued the long-anticipated final rule to create comprehensive consumer protections for prepaid accounts under Regulation E, Regulation Z, and the official interpretations of those regulations.
- The types of accounts covered and excluded under the final rule
- Pre-acquisition and access device disclosures
- Requirements for change-in-terms notices
- Error resolution and requirements for use of modified notices
- Specific requirements related to prepaid account agreements
- Overdraft credit requirements and restrictions
- Regulation E requirements that apply to issuers of prepaid accounts
- Practical considerations and expert guidance to help understand, implement and comply with the new rules
Course Level - Basic/Fundamental
Who Should Attend
- All bank deposit personnel (tellers, CSR, managers, compliance, auditors)
- Prepaid card issuers
- Digital wallet providers
Why Should Attend
The final rule, which becomes effective April 1, 2019, introduces significant new disclosure requirements for prepaid accounts and creates tailored provisions governing error resolution, periodic statements, and overdraft credit features. This webinar will provide a comprehensive review of the new prepaid card rules, as well as operational considerations for meeting the new compliance requirements.