WEBINAR
BSA Alert

Regulation E Final Changes On Prepaid Cards

CFT Credits: 0.25

The Consumer Financial Protection Bureau (CFPB) finalized strong federal consumer protections for prepaid account users. The new rule 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.

Webinar Description and Audience

The Consumer Financial Protection Bureau (CFPB) finalized strong federal consumer protections for prepaid account users. The new rule 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. Finally, prepaid companies must now generally offer protections similar to those for credit cards if consumers are allowed to use credit on their accounts to pay for transactions that they lack the money to cover.

The new rule applies specific federal consumer protections to broad swaths of the prepaid market for the first time. It covers traditional prepaid cards, including general purpose reloadable cards. It also applies to mobile wallets, person-to-person payment products, and other electronic prepaid accounts that can store funds. Other prepaid accounts covered by the new rule include: payroll cards; student financial aid disbursement cards; tax refund cards; and certain federal, state, and local government benefit cards such as those used to distribute unemployment insurance and child support.

Covered Topics:

Prepaid Protections:  For many consumers, prepaid accounts are an alternative to traditional checking accounts, but until now they had only limited federal protections. The new rule gives prepaid account consumers important protections under the Electronic Fund Transfer Act, which are similar to those for checking account consumers. They include:

•Free and easy access to account information
•Error resolution rights
•Protections for lost cards and unauthorized transactions
Know Before You Owe: Prepaid Disclosures:

•Standard, easy-to-understand, upfront information
•Publicly available card agreements
Credit Protections:

•Ability to pay
•Monthly credit billing statement
•Reasonable time to pay and limits on late fees
•Limited fee and interest charges

Other protections to ensure that the prepaid account and the credit feature described above are distinct, such as a:

•Thirty-day waiting period
•Wall between prepaid funds and credit repayment

What you will receive:

•Regulation Changes in a Word Document so that you can search for information
•Sample Policy
•Sample Procedures

Who Should Attend?

Compliance Officers, Regulation E Dispute personnel, Deposit Operations and all Regulation E staff

Webinar Viewing Options

LIVE WEBINAR:                                              

INCLUDES 7 DAYS OF UNLIMITED ONDEMAND PLAYBACK!  With this option, you will participate in the webinar (via the internet) as it is being presented. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a telephone for the audio. You can type and send your questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate at the same time.  And don’t worry if you miss the webinar, you can still view it for up to seven days after it takes place!

SIX MONTH ONDEMAND VIDEO:

With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it a very effective training tool. The OnDemand Video will be available to you (and anyone else in the company) for six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.

CD-ROM VIDEO:

If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool.  With this option, you will receive a download of the PowerPoint slides and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar via regular mail. Mailed 7 to 10 days after the webinar takes place.

IN-HOUSE:                                                        

Webinars can be scheduled and offered exclusively for your company.  They can even be customized to best fit your needs.  To find out more, please complete the in-house request form found in the Schedule and Registration Information section below.

Continuing Education (CE) Credits

This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.

Register Here!

Choose the viewing option that best suits your needs. Live Webinar times are shown as Eastern Time. You can choose to pay by credit card or invoice when you register. CFT Credit will be awarded to the registrant, unless directed otherwise (additional attendees can also receive credit for an additional fee). CFT Webinars are powered by Total Training Solutions!

Webinar DateStart TimeEnd DateEnd TimeViewing Options - See Descriptions AbovePrice
03/09/17Archived Six Month On-Dermand Recording$295.00Register
03/09/17Archived CD-ROM Recording$345.00Register
AnyIn-HouseRequest