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Webcasts & Speaking Engagements

Buckley Sandler Webcast: What’s in Store for Prepaid Cards Under the CFPB’s New Rules

On October 5, 2016, the CFPB issued its final rule on prepaid products. The rule was first proposed nearly two years ago and introduces significant new requirements in the rapidly growing market for prepaid cards and other prepaid financial products. Consumers put nearly $65 billion on prepaid cards in 2012 and are expected to put as much as $121 billion on them by 2018. Please join Buckley Sandler attorney Manley Williams for a discussion and explanation of the new rule and its requirements.

The discussion focused on:

  • Products covered by the new rules
  • Required disclosures
    • Short form
    • Long form
    • Disclosures outside and in close proximity to the short form
    • Disclosures on devices or points of entry
    • Foreign language requirements
  • Error resolution and liability limits
  • Periodic statements
  • Account agreements—internet posting and submission to CFPB
  • Requirements for prepaid accounts with overdraft credit features
    • Hybrid prepaid-credit card definition
    • Required protections for hybrid prepaid-credit cards

Manley Williams has extensive experience counseling clients in the retail finance industry, including credit and prepaid card issuers, providers of open end credit and unsecured lines of credit, and other payment systems participants. She also has extensive experience with federal and state consumer protection laws and risk mitigation strategies.
 
About Buckley Sandler

With more than 150 lawyers in Washington, DC, Los Angeles, New York, Chicago, and London, Buckley Sandler LLP offers premier enforcement, litigation, compliance, regulatory, and transactional services to financial services institutions, as well as leading and early stage companies, joint ventures, private equity funds, and individual clients throughout the world. "The best at what they do in the country." (Chambers USA)