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12/08/2016

Regulation

ICBA Issues Summaries on New Prepaid, Beneficial Owner Rules

ICBA recently released summaries on the Consumer Financial Protection Bureau’s final rule on prepaid accounts and the Financial Crimes Enforcement Network’s final rule on customer due diligence for beneficial owners.

The CFPB’s prepaid final rule taking effect Oct. 1, 2017, requires new consumer protections for prepaid cards, such as detailed disclosures and consumer loss limits. FinCEN’s rule requires covered financial institutions to conduct due diligence on beneficial owners of legal entity customers as of May 11, 2018. Read Prepaid Card Summary. Read Beneficial Owner Summary.