Technical Specifications (RIN 3170-AA87)

7979

Rules and Regulations

Federal Register
Vol. 84, No. 44
Wednesday, March 6, 2019

This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.

BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1005
RIN 3170–AA87

Technical Specifications for
Submissions to the Prepaid Account
Agreements Database
Bureau of Consumer Financial
Protection.
ACTION: Notification of technical
specifications.
AGENCY:

Beginning on April 1, 2019,
prepaid account issuers are required to
submit their currently-offered prepaid
account agreements to the Bureau of
Consumer Financial Protection
(Bureau), to be posted on the Bureau’s
website. The Bureau is issuing technical
specifications for those submissions,
including the URL for the website at
which issuers (or their designees) can
register and submit their prepaid
account agreements. This document
relates to a final rule published in the
Federal Register on November 22, 2016,
as amended on April 25, 2017 and
February 13, 2018, regarding prepaid
accounts under Regulations E and Z.
DATES: The requirement to submit
prepaid account agreements on a rolling
basis to the Bureau becomes effective on
April 1, 2019. Issuers must submit to the
Bureau no later than May 1, 2019 all
prepaid account agreements they offer
as of April 1, 2019.
FOR FURTHER INFORMATION CONTACT: For
inquiries regarding the prepaid account
agreement submission requirement,
contact Kristine M. Andreassen and
Thomas L. Devlin, Senior Counsels,
Office of Regulations, at 202–435–7700
or https://
reginquiries.consumerfinance.gov. For
technical assistance regarding the
Collect submission system, contact
[email protected]. If you
require this document in an alternative
electronic format, please contact CFPB_
[email protected].
SUMMARY:

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SUPPLEMENTARY INFORMATION:

II. Technical Specifications

I. Background

A. Collect Website

On October 5, 2016, the Bureau issued
a final rule titled ‘‘Prepaid Accounts
Under the Electronic Fund Transfer Act
(Regulation E) and the Truth In Lending
Act (Regulation Z)’’ (2016 Final Rule).1
The Bureau subsequently amended the
2016 Final Rule twice, in 2017 and
2018.2 The 2016 Final Rule, as
subsequently amended, is referred to
herein as the Prepaid Accounts Rule.
Among other things, the Prepaid
Accounts Rule added § 1005.19 to
Regulation E, which requires prepaid
account issuers to submit their
currently-offered prepaid account
agreements to the Bureau, post those
agreements on their websites, and make
account agreements for open prepaid
accounts available to consumers upon
request. Specifically, § 1005.19(b)
requires an issuer to make submissions
of prepaid account agreements on a
rolling basis, in the form and manner
specified by the Bureau. Section
1005.19(b) also describes in detail the
information that must be submitted to
the Bureau; the requirements for
submitting amended agreements and
withdrawing agreements that are no
longer offered; the terms of de minimis
and product testing exceptions to the
submission requirement; and the form
and content of agreements that must be
submitted to the Bureau.
In the 2016 Final Rule, the Bureau
stated that it would issue technical
specifications addressing the form and
manner for submission of agreements,
and publish a notice in the Federal
Register when its streamlined electronic
submission process is operational.3
The Prepaid Accounts Rule becomes
effective on April 1, 2019. Section
1005.19(f) states that an issuer must
submit to the Bureau no later than May
1, 2019 all prepaid account agreements
it offers as of April 1, 2019. Following
that, § 1005.19(b) requires an issuer to
make rolling submissions to the Bureau
no later than 30 days after an issuer
offers, amends, or ceases to offer any
prepaid account agreement.

The Bureau has established the
Collect website for submitting prepaid
account agreements and agreement
information to the Bureau pursuant to
§ 1005.19.4 The Collect website can be
accessed at https://
collect.consumerfinance.gov. To
register, submitters will complete and
submit a registration form to Collect_
[email protected] The Collect website
registration form is available at https://
www.consumerfinance.gov/dataresearch/prepaid-accounts/issuerinstructions/. Once submitters receive
their login credentials, they will be able
to add, amend, or withdraw prepaid
account agreement information in the
future.6
The Collect website will use
interactive forms to guide submitters
through the submission process. After
issuers have submitted certain
identifying information required by
§ 1005.19(b)(1)(i), issuers will be
prompted to upload the documents that
are required to be submitted through the
Collect website.

1 81

FR 83934 (Nov. 22, 2016).
82 FR 18975 (Apr. 25, 2017) and 83 FR 6364
(Feb. 13, 2018). These amendments, among other
things, extended the effective date of the Prepaid
Accounts Rule to April 1, 2019.
3 81 FR 83934, 84151 (Nov. 22, 2016).
2 See

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B. File Format
Documents submitted through the
Collect website must be in the Portable
Document Format (PDF) file format, and
must be text-searchable, digitallycreated PDFs.7 These PDF files should
not be scanned documents, otherwise
known as ‘‘image-only’’ PDFs, as these
are not text-searchable. For questions
4 Pursuant to comment 19(a)(4)–2, while the
issuer has the legal obligation to comply with the
requirements of § 1005.19, an issuer generally may
use a third-party service provider (such as a
program manager) to satisfy its obligations under
§ 1005.19, provided that the issuer acts in
accordance with regulatory guidance regarding use
of third-party service providers and other
applicable regulatory guidance.
5 For questions concerning the registration form,
please contact the Collect Support Team at Collect_
[email protected].
6 Prepaid account issuers and other submitters are
encouraged to register as early as possible, to
confirm that they can successfully access the
system. Submitters who preregister will receive a
notification when the Collect website is available to
receive submissions.
7 An issuer can make its agreement submission:
As a single document (i.e., one file that contains all
of the prepaid agreement, the short form disclosure,
and the long form information); with three separate
files, each containing one of the required pieces; or
with two files, one of which contains two of the
required pieces and the other, one.

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Federal Register / Vol. 84, No. 44 / Wednesday, March 6, 2019 / Rules and Regulations

about file formats, please contact the
Bureau at [email protected].

V. Paperwork Reduction Act

C. Compliance Assistance
The Bureau has made a number of
compliance resources available to assist
issuers in using the Collect website,
including a user guide, a quick reference
guide, frequently asked questions, and a
recorded webinar.8 These resources will
be available on the Bureau’s website at
https://www.consumerfinance.gov/dataresearch/prepaid-accounts/. For
technical assistance, issuers can also
contact the Bureau at Collect_Support@
cfpb.gov.
III. Legal Authority
The Bureau is issuing this procedural
rule pursuant to its authority under
section 1022(b)(1) of the Dodd-Frank
Act, which authorizes the Bureau to
prescribe rules as may be necessary or
appropriate to enable the Bureau to
administer and carry out the purposes
and objectives of Federal consumer
financial law.9 The Bureau is also
issuing this procedural rule pursuant to
section 904 of the Electronic Fund
Transfer Act (EFTA), which authorizes
the Bureau to prescribe regulations
necessary to carry out the purposes of
EFTA.10
IV. Regulatory Requirements
The Bureau has concluded that these
technical specifications constitute a rule
of agency organization, procedure, or
practice exempt from the notice and
comment rulemaking requirements
under the Administrative Procedure Act
(APA), pursuant to 5 U.S.C. 553(b).
Because the procedural rule relates
solely to agency procedure and practice,
it is not substantive, and therefore is not
subject to the 30-day delayed effective
date for substantive rules under section
553(d) of the APA. Because no notice of
proposed rulemaking is required, the
Regulatory Flexibility Act does not
require an initial or final regulatory
flexibility analysis.
8 The Bureau has previously issued various
implementation tools regarding the Prepaid
Accounts Rule, including a small entity compliance
guide, executive summary of the rule, summaries of
key changes for payroll card accounts and
government benefit accounts, a prepaid account
coverage chart, a summary of the rule’s effective
date provisions, and a guide to preparing the short
form disclosure, among others. These materials can
be found on the Bureau’s guidance and
implementation website at https://
www.consumerfinance.gov/policy-compliance/
guidance/prepaid-rule/.
9 12 U.S.C. 5512(b)(1).
10 15 U.S.C. 1693b.

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Under the Paperwork Reduction Act
of 1995 (PRA),11 Federal agencies are
generally required to seek Office of
Management and Budget (OMB)
approval for information collection
requirements prior to implementation.
The collections of information related to
the account agreement submission
requirements in § 1005.19 were
previously submitted to OMB in
accordance with the PRA under OMB
Control Number 3170–0014. Under the
PRA, the Bureau may not conduct or
sponsor and, notwithstanding any other
provision of law, a person is not
required to respond to an information
collection unless the information
collection displays a valid control
number assigned by OMB. The Bureau
has determined that these technical
specifications do not introduce any new
or revised collections of information;
therefore, the Bureau does not intend to
submit a separate request to OMB
regarding these technical specifications.
Dated: February 22, 2019.
Kathleen L. Kraninger,
Director, Bureau of Consumer Financial
Protection.
[FR Doc. 2019–03852 Filed 3–5–19; 8:45 am]
BILLING CODE 4810–AM–P

SECURITIES AND EXCHANGE
COMMISSION
17 CFR Parts 270 and 274
[Release No. IC–33384; File No. S7–02–19]
RIN 3235–AL42

Amendments to the Timing
Requirements for Filing Reports on
Form N–Port
Securities and Exchange
Commission.
ACTION: Interim final rule.
AGENCY:

The Securities and Exchange
Commission (the ‘‘Commission’’) is
adopting an interim final rule that will
require reports on Form N–PORT for
each month in a fiscal quarter to be filed
with the Commission not later than 60
days after the end of that fiscal quarter
(as opposed to filing each monthly
report no later than 30 days after the
end of each month). The monthly report
on Form N–PORT for the third month of
the quarter (the ‘‘quarter-end report’’)
will continue to become publicly
available (i.e., all portions of the
quarter-end report, with the exception
of the items identified in General

SUMMARY:

11 44

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U.S.C. 3501 et seq.

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Instruction F of Form N–PORT, will be
made public upon filing). The monthly
reports on Form N–PORT for the first
and second months of the fiscal quarter
will remain non-public. We are also
amending our regulations and Form N–
PORT to require that funds, no later
than 30 days after the end of each
month, maintain in their records the
information that is required to be
included in Form N–PORT. Registrants
will promptly make such records
available to the Commission upon
request. Finally, we are amending Form
N–LIQUID to provide for a voluntary
explanatory notes section. Importantly,
these amendments in no way affect the
amount or timing of the information that
will be made available to the public.
DATES: Effective March 6, 2019. The
applicable compliance dates are
discussed in the SUPPLEMENTARY
INFORMATION section of this Interim Final
Rule.
FOR FURTHER INFORMATION CONTACT:
Jacob D. Krawitz, Branch Chief, or Brian
McLaughlin Johnson, Assistant Director,
at (202) 551–6792, Rulemaking Office,
Division of Investment Management,
Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549.
SUPPLEMENTARY INFORMATION: The
Commission is amending rule 30b1–9
[17 CFR 270.30b1–9] under the
Investment Company Act [15 U.S.C.
80a–1 et seq.] and Forms N–PORT
[referenced in 17 CFR 274.150] and N–
LIQUID [referenced in 17 CFR 274.223]
under the Investment Company Act.
I. Discussion
In connection with the Commission’s
ongoing evaluation of its collection of
sensitive and non-public data, and in
light of the frequency, volume, and
complexity, as well as the potentially
sensitive and non-public nature, of
much of the data collected on Form N–
PORT,1 the Commission is modifying
the timing requirements for filing
monthly reports on Form N–PORT. We
are amending rule 30b1–9 and Form N–
PORT to require funds to file a report on
Form N–PORT for each month in the
fund’s fiscal quarter not later than 60
days after the end of that fiscal quarter.
In addition, we are amending rule 30b1–
9 and Form N–PORT to require funds,
no later than 30 days after the end of
each month, to maintain in their records
1 See Statement on Cybersecurity (September 20,
2017), available at https://www.sec.gov/news/
public-statement/statement-clayton-2017-09-20; see
also Testimony before the Financial Services and
General Government Subcommittee of the Senate
Committee on Appropriations (June 5, 2018),
available at https://www.sec.gov/news/testimony/
testimony-financial-services-and-generalgovernment-subcommittee-senate-committee.

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