CFPB Posts Addition to Compliance Guide for Prepaid Rule

Abstract

The CFPB recently added a small entity compliance guide to its Prepaid Rule implementation guide page. The Prepaid Rule, which will be effective October 1 of this year, requires financial institutions to limit consumers' losses when funds are stolen or cards are lost, investigate and resolve errors, and give consumers free and easy access to account information. The Bureau also finalized new "Know Before You Owe" disclosures for prepaid accounts to give consumers clear, upfront information about fees and other key details.