Jump to Content
ABA: The American Bankers Association
Compliance News

CFPB Unveils Electronic Platform for Prepaid Account Agreement Submissions

The latest compliance news items. Past months’ news items are found under the specific Compliance Topic page related to the news item.

Ahead of the effective date of its prepaid rule, the Consumer Financial Protection Bureau unveiled a new electronic submission system — Collect — that prepaid account issuers may use to submit their account agreements to the bureau. The CFPB also released several related compliance materials including a user guide, quick reference guide, FAQs and a recorded webinar. All prepaid account agreements that are offered as of April 1, 2019, must be submitted to the CFPB by May 1, 2019; after that date, issuers must notify the bureau when a new agreement is offered, a previously submitted agreement is amended or a previously submitted agreement is no longer offered.