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Model and sample pre-acquisition disclosure forms for prepaid accounts - files consumerfinance

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The document outlines the final rule released by the Consumer Financial Protection Bureau on October 5, 2016, regarding pre-acquisition disclosure requirements for prepaid accounts under the Electronic Fund Transfer Act and the Truth in Lending Act. It mandates financial institutions to provide both short and long form disclosures before consumers acquire prepaid accounts. The document includes model forms for these disclosures, detailing various fees associated with different types of prepaid accounts, and offers resources for further information.

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What additional disclosures does Regulation E require be made with a prepaid card?

Key Provisions to Regulation E The short form disclosure describes static fees, including ATM withdrawal fees, cash reload fees, customer service fees, inactivity fees, and additional types of fees that may be charged for the prepaid account program.

When must a financial institution provide pre-acquisition disclosures in a foreign language?

Section 1005.18(b)(9)(i)(C) requires a financial institution to provide pre-acquisition disclosures in a foreign language if the financial institution provides a means for the consumer to acquire a prepaid account by telephone or electronically principally in that foreign language.

What is the prepaid access rule?

The Prepaid Access Rule requires providers and sellers of prepaid access such as stored value cards, gift cards, and other prepaid products to develop and implement an anti-money laundering program (AML), file suspicious activity reports (SARs), comply with recordkeeping and data collection requirements, and

What is the CFPB prepaid rule?

Under the rule you will get clear, upfront information about prepaid account fees so you can know before you choose a card and shop for the best deal. The rule also creates a number of new legal rights for people with prepaid card accounts, including protections in case of errors, loss, or theft.

What is the CFPBs prepaid rule that took effect on April 1 2019?

CFPBs New Prepaid Rule Effective as of April 1, 2019 Pre-acquisition and on device disclosures Financial institutions are required to provide short form and long form disclosures for prepaid accounts, and include certain disclosures on prepaid account access devices, such as cards.

What is the new CFPB rule?

The Prepaid Rule requires that the card issuer provide two disclosures, a long form and a short form, before a cardholder receives a prepaid card. Both forms describe fees, FDIC insurance, and contact information in varying detail.

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