The Consumer Financial Protection Bureau has announced a streamlined electronic submission system for prepaid account issuers to submit their account agreements to the Bureau. Prepaid issuers can register for the system now before the April 1 effective date of the bureau’s prepaid rule.
The bureau’s prepaid rule includes a requirement that prepaid account issuers submit their prepaid account agreements, including fee information, to the bureau. Beginning immediately, prepaid account issuers can register for Collect, the bureau’s online channel for submissions. All prepaid account agreements offered as of April 1, must be uploaded to Collect by May 1. After that, prepaid account issuers must make a submission to the bureau within 30 days whenever a new agreement is offered, a previously submitted agreement is amended, or a previously submitted agreement is no longer offered.
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