Prepaid Accounts


Presented by:
John Burnett

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The CFPB delayed the effective date of its Prepaid Accounts Rule six months, to April 1, 2018, but now the time is short for banks to address their implementation of the rule's requirements. There are significant changes to Regulations E (and some to Regulation Z) to provide consumer protections to millions of prepaid account holders. Banks (and others) that issue prepaid cards or hold consumer prepaid accounts must be ready to provide new disclosures, account statements (or online transaction history access), error resolution procedures, and more that the new rule requires.

This webinar will analyze the rule and its impact by discussing -
  • The cards and accounts covered by the rule (and those that aren't)
  • Requests for more definition
  • Pre-purchase and new account disclosures
  • Determining who your customer is
  • Prepaid accounts and CIP
  • Account statements (and alternatives)
  • Error resolution
  • Limitations on consumer liability for unauthorized transactions
  • Publication of card agreements
  • Incidental overdrafts
  • Hybrid prepaid-credit cards
  • Ability to repay requirements
  • The waiting period before offering credit features
  • Credit billing statements and late fees
  • Fee limits
  • Interest charges and limits on rate increases
  • The "wall" between prepaid funds and credit repayment
Who Should Attend:
Compliance officers, auditors, operations management, call center and other customer-contact personnel

About the Speakers: John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking. He is also a graduate of the BAI's and the Massachusetts Banker Association's Schools of Banking.

He joined Cape Cod Bank and Trust Company in 1971 and assumed his role as Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc., and became a part of the BOL Team in June, 2004.

Mr. Burnett is a former member chair of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force, and has served on several ABA and Massachusetts Bankers seminar panels.

This program was recorded in its entirety in January 2018. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_prepaid0118
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Tuesday 21 November, 2017.

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