West LegalEdcenter Webinar
On December 23, 2014, the Consumer Financial Protection Bureau (CFPB) published its long-awaited proposal to regulate prepaid cards (the “Proposed Rule”). The Proposed Rule is expansive in scope and would regulate as “prepaid accounts” certain digital wallet products, person-to-person (P2P) payment functionality and potentially person-to-business (P2B) payment products. The Proposed Rule would amend key provisions of the CFPB’s Regulation E and Regulation Z, mandate extensive disclosures, establish error resolution procedures and limitations on consumer liability for unauthorized transactions, and apply provisions of Regulation Z applicable to open-end credit transactions to overdraft services and so-called “credit features” or “credit plans” that may be associated with prepaid card accounts.
Please join us for a webinar discussion on the CFPB’s Proposed Rule and how it could apply to digital wallet products and mobile payment platforms. Speakers will provide an overview of the Proposed Rule, which will cover: