Truth in Lending Act (Regulation Z) 12 CFR 1026 Pre-Paid Card Regulation

On November 22, 2016, the Bureau issued a final rule that amends Regulation E, which implements the Electronic Fund Transfer Act (EFTA), Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation to the regulations, to provide comprehensive protections for consumers who use “prepaid accounts” (the Prepaid Account Final Rule or final rule). The final rule modifies general Regulation E requirements to create tailored provisions governing disclosures, limited liability and error resolution, and periodic statements, and adds new requirements regarding the posting of account agreements. Additionally, the final rule amends Regulations Z and E to regulate overdraft credit features offered in connection with prepaid accounts. Subject to certain exceptions, such credit features will be covered under Regulation Z where the credit feature is offered by the prepaid account issuer, its affiliate, or its business partner and credit can be accessed in the course of a transaction conducted with a prepaid card.

The latest form for Truth in Lending Act (Regulation Z) 12 CFR 1026 Pre-Paid Card Regulation expires 2022-03-31 and can be found here.