Prepaid Accounts

With John Burnett

Prepaid Accounts

With John Burnett
  • 1 Video
  • 3 Downloads
  • 2.0 hrs
Course description

ICB Credit: 2.5 CRCM

The CFPB delayed the effective date of its Prepaid Accounts Rule six months, to April 1, 2018, but now the time is short for banks to address their implementation of the rule’s requirements. There are significant changes to Regulations E (and some to Regulation Z) to provide consumer protections to millions of prepaid account holders. Banks (and others) that issue prepaid cards or hold consumer prepaid accounts must be ready to provide new disclosures, account statements (or online transaction history access), error resolution procedures, and more that the new rule requires. 

This webinar will analyze the rule and its impact by discussing

 - The cards and accounts covered by the rule (and those that aren't) 

Requests for more definition 

Pre-purchase and new account disclosures 

Determining who your customer is

Prepaid accounts and CIP 

Account statements (and alternatives) 

Error resolution 

Limitations on consumer liability for unauthorized transactions 

Publication of card agreements 

Incidental overdrafts 

Hybrid prepaid-credit cards 

Ability to repay requirements 

The waiting period before offering credit features 

Credit billing statements and late fees 

Fee limits

Interest charges and limits on rate increases 

The "wall" between prepaid funds and credit repayment 


Webinar Reviews: excellent m

Course Curriculum

Video
116:59
Prepaid Accounts
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Instructor

John Burnett
John Burnett

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking.

John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company.

John joined Glia Group, Inc. and the BankersOnline.com team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events.

He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels.