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CFPB Proposes Sweeping New Regulation of the Prepaid Market
17 November 2014
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The CFPB proposed its comprehensive rulemaking on the prepaid market, which will bring a broadly defined group of prepaid accounts under the requirements of the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z).
The proposed rule would require significant consumer disclosures, including standardized forms to facilitate consumer shopping.
The proposed rule would also bring overdraft services and credit features associated with prepaid accounts under the requirements of Regulation E and Regulation Z and would impose limits on linking such credit features to prepaid accounts.
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