CFPB Actions
In response to COVID the CFPB took steps to reduce the compliance burden on prepaid issuers - including those requested by the IPA:
- Disclosures: The CFPB will not take any enforcement action for failure to update fees and related information regarding disclosures (see Submission of prepaid account agreements and related information required by Regulation E, 12 CFR 1005.19(b).
- Government Benefits: “if certain conditions are met, certain pandemic-relief (COVID) payments are not “government benefits” for purposes of Regulation E and thus these payments are not subject to the compulsory use prohibition in EFTA and Regulation E.” (See CFPB Interpretive Rule: Treatment of Pandemic Relief Payments Under Regulation E and Application of the Compulsory Use Prohibition)
Comment Letters
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