FDIC Adopts Examination Procedures for Prepaid Accounts

The FDIC adopted examination procedures to monitor for compliance with the Consumer Financial Protection Bureau ("CFPB") final rule amendments expanding consumer protections for prepaid accounts (i.e., the "Prepaid Accounts Rule"). FDIC examiners will utilize the revised interagency examination procedures to assess financial institutions' compliance with amended Regulation E and Regulation Z.

As previously covered, the CFPB issued a final rule amending Regulation E (which implements the Electronic Fund Transfer Act) and Regulation Z (which implements the Truth in Lending Act). The effective date for the Prepaid Accounts Rule is April 1, 2019.