CONSUMER FINANCIAL PROTECTION BUREAU ANNOUNCES SYSTEM FOR PREPAID ISSUERS TO SUBMIT ACCOUNT AGREEMENTS

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) announced a streamlined electronic submission system for prepaid account issuers to submit their account agreements to the Bureau. Prepaid issuers can register for the system now before the April 1, 2019 effective date of the Bureau’s prepaid rule.

The Bureau’s prepaid rule includes a requirement that prepaid account issuers submit their prepaid account agreements, including fee information, to the Bureau. Beginning today, prepaid account issuers can register for Collect, the Bureau’s online channel for submissions. All prepaid account agreements offered as of April 1, 2019 must be uploaded to Collect by May 1, 2019. After that, prepaid account issuers must make a submission to the Bureau within 30 days whenever a new agreement is offered, a previously submitted agreement is amended, or a previously submitted agreement is no longer offered.

Along with the opening of the system for registration, the Bureau is also releasing a variety of compliance materials for prepaid issuers including a user guide, a quick reference guide, FAQs, and a recorded webinar. These resources are available at: https://www.consumerfinance.gov/data-research/prepaid-accounts/

More information about the submission system is available at: https://www.consumerfinance.gov/policy-compliance/rulemaking/final-rules/technical-specifications-submissions-prepaid-account-agreements-database/

Information about the Bureau’s prepaid rule is available at: https://www.consumerfinance.gov/prepaid-rule/