NEWSIRE: October 7, 2016
DATELINE: United States of America
NOTE: This comes to us from BuckleySandler LLP’s InfoBytes blog. Click here to read the full article!
October 5th, the CFPB released its final rule on prepaid products, including mobile wallets, traditional prepaid cards, person-to-person payment products, and other electronic accounts with the ability to store funds.
Consumers are provided with additional federal protections under the Electronic Fund Transfer Act analogous to the protections checking account consumers receive. Several federal protections are included in the new rule: (i) financial institutions will be required to provide certain account information for free via telephone, online, and in writing upon request; (ii) financial institutions must work with consumers who find errors on their accounts, including unauthorized or fraudulent charger; and (iii) consumers will be protected against unauthorized transactions, such as withdrawals or purchases, if their prepaid cards are stolen or lost.
Read the BuckleySandler LLP InfoBytes blog article here for the entire story.