Buckley Sandler Webcast: What's in Store for Payroll Cards Under the CFPB's New Rules
On October 5, 2016, the CFPB issued its final rule on prepaid products, which both expanded the scope of its existing regulations on payroll cards and added significant new requirements. Payroll cards are the second largest segment in the U.S. open-loop prepaid product market and are the most common prepaid product used by third parties to provide funds to consumers. In 2015, for the first time ever, more consumers received their wages via payroll cards than by paper checks. Nearly $31 billion was loaded on payroll cards in 2013 and that amount is expected to grow by almost 50%—to about $45 billion total—by 2019. Please join Buckley Sandler attorney Manley Williams for a discussion and explanation of the new rule and its requirements.
The discussion was focused on:
- What payroll cards are covered
- Required disclosures, including the additional requirements solely for payroll cards
- Short form
- Long form
- Disclosures outside and in close proximity to the short
- 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
- New York and other state laws on wage payments
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.
When: Wednesday, December 14, 2016 from 2:00 pm - 3:00 pm ET
Registration is required. Please, no outside law firms, government agency personnel, consulting firms, or media. After registering and being approved, you will receive a confirmation email containing instructions for joining the webcast.