InfoSight Spotlight: CFPB system for submitting prepaid account agreements

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 […]

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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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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