Prepaid cards
Resources to help industry participants understand, implement, and comply with the Prepaid Rule.
Featured topic
On April 29, 2022, the Bureau released Spanish translations of Prepaid Model Forms.
On February 15, 2022, the Bureau issued a Compliance Bulletin on the Electronic Fund Transfer Act’s (EFTA’s) compulsory use prohibition. Section 913 of EFTA provides, among other things, that no person may require a consumer to establish an account for receipt of electronic fund transfers with a particular financial institution as a condition of receipt of a government benefit. The Bureau issued the Compliance Bulletin to reiterate that this prohibition in EFTA applies to government benefit accounts.
On April 13, 2020, the Bureau issued an interpretive rule on pandemic relief payments.
Rule
Browse the rule to review the prepaid-specific changes to Regulations E and Z.
Regulations and official interpretations
Browse Regulation E (12 CFR 1005) on: Interactive Bureau Regulations | eCFR
Browse Regulation Z (12 CFR 1026) on: Interactive Bureau Regulations | eCFR
The primary rule provisions specific to prepaid, and official interpretations, can be found in:
- § 1005.2(b)(3), Definitions/ account/ prepaid account
- § 1005.15, Electronic fund transfer of government benefits
- § 1005.18, Requirements for financial institutions offering prepaid accounts
- § 1005.19, Internet posting of prepaid account agreements
- § 1026.61, Hybrid prepaid-credit cards
Quick references
Executive summaries
Executive summary of the 2018 prepaid rule amendments
Executive summary of the 2016 prepaid rule
Coverage chart
Prepaid account coverage chart
Other references
Prepaid rule’s key changes for payroll card accounts
Email signup
Sign up for updates about Prepaid Rule implementation.
Guides
Small entity compliance guide
Download the latest version , version 3.1
Guide to preparing the short form disclosure for prepaid accounts
Preparing the short form disclosure for prepaid accounts
Supervision and examination materials
Guides to how the Bureau and prudential regulators will supervise and examine entities for compliance with Federal consumer financial law.
CFPB prepaid account examination procedures
Interagency examination procedures for EFTA
Interagency examination procedures for TILA
Compliance bulletins
CFPB Bulletin 2022-02 : Compliance Bulletin on the Electronic Fund Transfer Act’s Compulsory Use Prohibition and Government Benefit Accounts
Forms
Downloadable versions of the model forms and samples that were published in the Prepaid rule.
Additional materials
Information regarding the agreement submission requirements of the prepaid rule.