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ABA: The American Bankers Association
Compliance News

OCC Adopts Revised Examination Procedures for Prepaid Accounts Rule

The OCC issued revised interagency examination procedures for evaluating compliance with the Consumer Financial Protection Bureau's prepaid accounts rule.

The OCC issued revised interagency examination procedures for evaluating compliance with the Consumer Financial Protection Bureau's prepaid accounts rule. The procedures take effect on April 1. The rule, finalized in 2016, establishes comprehensive consumer protections for prepaid accounts by applying Regulation E coverage; setting disclosure standards; and classifying certain prepaid accounts with credit features as subject to Regulation Z. The revised examination procedures incorporate the CFPB's amendments to Reg E and Reg Z.