United States:
The CFPB Publishes Final Rule For Prepaid Accounts
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On October 5, 2016, the Consumer Financial Protection Bureau
(the "CFPB") finalized comprehensive consumer protections
for prepaid account users that require, among other things,
financial institutions to limit consumer losses when funds are
stolen or cards are lost. The new rule also requires financial
institutions to allow consumers free, easy access to account
information and finalizes new "Know Before You Owe"
disclosures to give consumers clear information about fees and
other key details regarding prepaid accounts. Press Release. Final Rule.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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