WASHINGTON—The Consumer Financial Protection Bureau has introduced 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 agency said.
The Bureau’s prepaid rule includes a requirement that prepaid account issuers submit their prepaid account agreements, including fee information, to the Bureau. 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, the agency said. 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, the Bureau added.
Compliance Materials Available
Along with the opening of the system for registration, the Bureau has released 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/