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    Is Your Institution in Compliance With the New Prepaid Accounts Rule?
    Is Your Institution in Compliance With the New Prepaid Accounts Rule?

    By: Carly Souther

    FREE iDownloadPrepaid Account Coverage Chart

    Last October, the Consumer Financial Protection Bureau (Bureau) issued a final rule for prepaid financial products. Adopting a Q&A format, this post will help you gain a better understanding of the scope and purpose of the Prepaid Rule. You'll learn the types of accounts that are defined as prepaid accounts under Regulation E (as well as the types of accounts that are not subject to Reg E).

    To ensure your Institution is in compliance with the Rule by the effective date, register for our upcoming webinar, "Prepaid Cards: What the NEW Rules Mean for You!"

    Trump Bump & CFPB Dump?

    But what has Trump done that may affect your bank or credit union? The answer, much like the consequences of his other policy actions, is…unclear. Yet, one action of note is a memorandum that imposes a moratorium on new agency regulations. 

    Does the moratorium affect the CFPB?

    The answer to this query hinges on whether Trump considers the CFPB to be an independent bureau – as it was established under Dodd-Frank—in light of the D.C. Circuit's ruling that the Bureau should be stripped of its independence and placed under the direction of the President. If the ruling stands, then Trump will have the power to fire CEO Richard Cordray and, effectively, dismantle the agency.