The Consumer Financial Protection Bureau launched an electronic system for prepaid account issuers to submit their account agreements to the bureau. Prepaid issuers can now register for the Collect system before the April 1 effective date of the agency’s prepaid rule.
The CFPB rule establishes requirements for treating funds on lost or stolen cards, error resolution and investigation, fee disclosures, and more. It includes a requirement that prepaid account issuers submit their prepaid account agreements, including fee information, to the bureau.
All prepaid account agreements offered as of April 1, 2019, must be uploaded to Collect by May 1. After that, prepaid account issuers must submit to the bureau within 30 days of offering a new agreement, amending a previously submitted agreement, or ceasing to offer a previously submitted agreement.
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