If you work at a credit union that sells prepaid cards, you (or a co-worker) very likely have had someone ask recently if you are ready for the CFPB’s Prepaid Rule. The Consumer Financial Protection Bureau’s Prepaid Accounts Rule goes into effect on April 1, 2019. The regulatory path to the final Prepaid Rule began back in 2014 and now the effective date is less than two months away. Here are some Frequently Asked Questions about the CFPB Prepaid Rule, so that you can answer any questions that come your way about how the Rule does—or does not—impact your credit union.
This video shares a snapshot of the new rule. If you have additional questions please contact us at firstname.lastname@example.org