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Government watch
Navigating the
RegulatoRy WateRs
The five biggest regulatory issues that could make
for rougher seas.
The regulatory waters have been choppy for the pre-
paid industry and, with several major issues still up in
the air, it may be several months before we see calmer waters. Helping to keep an even keel is the NBPCA, and the captain of a very able crew is Brad Fauss, NBPCA president and CEO. He recently took time with Paybefore to discuss what the association sees as the top five issues facing the industry and their potential ramifications.
CFPB
Rulemaking
The CFPB announced its NPRM on prepaid accounts on Nov. 13, 2014. The bureau received more than
35,000 comments by the March deadline and the final rule is expected in early 2016.
The CFPB is proposing, among other mandates, that prepaid companies provide short- and long-form disclosures, limit con- sumers’ losses when cards are stolen or lost, investigate and resolve errors generally within
10 business days or provide provisional credit for the disputed amount until the investigation is complete, provide convenient and free access to account information, and adhere to credit card pro- tections if any type of credit is offered in connection with a prepaid account, including over- draft. The NPRM applies to almost
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