Category: Final Rule

Prepaid Accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z)

The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to create comprehensive consumer protections for prepaid accounts under Regulation E, which implements the Electronic Fund Transfer Act; Regulation Z, which implements the Truth in Lending Act; and the official interpretations to those regulations. The final rule modifies general Regulation E requirements to create tailored provisions governing disclosures, limited liability and error resolution, and periodic statements, and adds new requirements regarding the posting of account agreements.  Additionally, the final rule regulates overdraft credit features that may be offered in conjunction with prepaid accounts.  Subject to certain exceptions, such credit features will be covered under Regulation Z where the credit feature is offered by the prepaid account issuer, its affiliate, or its business partner and credit can be accessed in the course of a transaction conducted with a prepaid card.

On March 9, 2017, the Bureau issued a proposal to delay the October 1, 2017 effective date of the prepaid accounts final rule by six months. For more information on that proposal, view the Rule Under Development.

Final Rule

Read it on the Federal Register

Issued final rule

View pdf  - Oct. 5, 2016

Public comments

Read comments received - March 23, 2015


Read it on the Federal Register  - Dec. 23, 2014

Issued proposed rule

View pdf  - Nov. 13, 2014


Read it on the Federal Register  - May 24, 2012