Don t let the new prepaid card rules be a surprise
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- Emerald Atkins
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1 Don t let the new prepaid card rules be a surprise
2 Introducing: Rod Everson Experian
3 Contents 1. Prepaid card market 2. The new prepaid rule 3. Customer Identification Program (CIP), Bank Secrecy Act and Anti Money Laundering 4. Action plan 3 Experian
4 Prepaid card market 4 Experian
5 Types of cards, generally Credit card Attached to an open end line of credit from which the consumer can borrower money Debit card Attached to a deposit account from which funds are withdrawn Prepaid card (closed loop) Attached to an amount of prepaid funds that may only be used at affiliated merchants Prepaid Card (open loop) Prepaid account that may be used at multiple, unaffiliated merchants for goods or services, or at ATM s, or to conduct PTP transfers, usually reloadable (i.e. GPR general purpose reloadable) 5 Experian
6 Debit and prepaid card market growth The Federal Reserve Payments Study 2016 All prepaid and debit cards 2015 Grew to 69.5 billion payments with a value of $2.56 trillion 2012 through 2015 Up13.0 billion payments (7.1 % annually) $460 billion in value (6.8% annually) Debit card payments led growth 6 Experian
7 Prepaid card market growth The Federal Reserve Payments Study 2016 Prepaid cards (open and closed loop) 2015 Grew to 9.9 billion payments with a value of $270 billion 2012 through 2015 Up 0.6 billion payments (2.3% annually) Up $40 billion in value (5.5% annually) Majority of growth in general purpose (open loop) prepaid cards 7 Experian
8 General purpose prepaid card market growth The Federal Reserve Payments Study 2016 General purpose prepaid cards (open loop) 2015 Grew to 3.7 billion by number with a value of $120 billion 2012 through 2015 Up 0.6 billion by number (5.6% annually) Up $20 billion in value (4.4% annually) Much slower than 2009 to 2012 growth rate CAGR is compound annual growth rate. 8 Experian
9 Where are prepaid cards used? General purpose reloadable prepaid cards Federal Reserve Bank of Kansas City, February 2014 Transaction share (%) Rank Merchant category Volume Value Average ticket 1 Grocery stores $ Gas stations $ Telecommunications $ Cable $ Utilities $ Fast food restaurants $ Restaurants $ Discount stores $ Insurance $ Auto dealers $ Primarily used for necessities Grocery, fast food, and restaurants represent almost 50% of transactions Gas almost another 20% Not listed are cash withdrawals which represent up to 50% of funds withdrawn 9 Experian
10 Prepaid card user profile Why Americans Use Prepaid Cards: Pew Charitable Trust February 2014 Unbanked: Study also showed that 41% do not have checking accounts, and 33% have never had a credit card! Prepaid card users (%) U.S. population (%) Renters Homeowners Single Married Separated / divorced Widowed 3 6 Employed Full-time 45 N/A Part-time 17 Unemployed 8 8 Disabled 7 N/A Retired 8 23 Homemaker 7 6 Student 6 5 Income less than $15, $15,000 to under $25, $25,000 to under $30, $30,000 to under $40,000 8 $40,000 to under $50,000 7 $50,000 to under $75, $57,000 to under $100, $100, Don t know / refused to answer 13 N/A Prepaid card users (%) U.S. population (%) White (non-hispanic) African-American (non-hispanic) Hispanic Other race / ethnicity 9 8 Ages Ages Ages Ages Parent Not a parent Less than high school High school Some college College Postgraduate 7 9 Male Female Northeast South Midwest West Experian
11 Prepaid card consumer complaints CFPB: Monthly Complaint Report October 2016 Prepaid card complaints CFPB has handled approximately 6,000 prepaid complaints since July 21, 2011 Common complaints noted by CFPB Questionable transactions on card Lost access to funds without notification after submitting a dispute Numerous contacts before a new card was issued Difficulty using cards after purchase Cards issued without proper verification resulting in theft of funds Unable to check their balance and transaction history online or were not provided with statements CAGR is compound annual growth rate 11 Experian
12 Enforcement actions February 1, 2017 CFPB orders payment of $13 million in restitution and fines Technological breakdowns left tens of thousands unable to access their money and without customer support November 10, 2016 FTC sues prepaid card vendor for marketing and operational practices Settled on March 31, 2017 for $53 million 12 Experian
13 New prepaid rule 13 Experian
14 Effective date October 5, 2016: Consumer Financial Protection Bureau (CFPB) issued the final Prepaid Rule April 20, 2017 CFPB officially delayed the effective date until April 1, 2018 More time to pull and replace packaging CFPB reserved the right to make changes to the rule during the extended period Linking of credit cards to digital wallets that are capable of storing funds Error resolution and limitations on liability for prepaid accounts that haven t been registered 14 Experian
15 Do you have prepaid accounts? Regulation E definition of prepaid account 1. Payroll card accounts and government benefit accounts (like SNAP, Social Security ) 2. Includes a product that is either of the following, unless a specific exclusion applies: A. An account that is marketed or labeled as prepaid and is redeemable upon presentation at multiple, unaffiliated merchants for goods and services or usable at automated teller machines (ATMs); or B. An account that meets all of the following: a. Is issued on a prepaid basis in a specified amount or is capable of being loaded with funds after issuance; b. Whose primary function is to conduct transactions with multiple, unaffiliated merchants for goods or services, to conduct transactions at ATMs, or to conduct person-to-person (P2P) transfers; and c. Is not a checking account, a share draft account, or a negotiable order of withdrawal (NOW) account 15 Experian
16 Do you have prepaid accounts? Regulation E exclusions Not a prepaid account if any of the following are met: An account loaded only with funds from a HSA, flexible spending arrangement, medical savings account, health reimbursement arrangement, dependent care assistance program, or transit or parking reimbursement arrangement An account loaded only with qualified disaster relief payments A gift certificate A store gift card A loyalty, award, or promotional gift card A general-use prepaid card that is both marketed and labeled as a gift card or gift certificate An account established for distributing needs-tested benefits An account established for a commercial purpose 16 Experian
17 Rules governing prepaid accounts Modifies Regulation E requirements provisions governing Disclosures Limited liability and error resolution, and Periodic statements. Internet posting and submission to the CFPB of prepaid account agreements Modifies Regulation Z requirements provisions governing Overdraft credit features that may be offered in conjunction with prepaid accounts 17 Experian
18 Disclosures Pre-acquisition disclosure requirements for prepaid accounts Must provide a consumer with the following before the consumer acquires the prepaid account: A short form disclosure; Outside but in close proximity to the short form disclosure, a financial institution must disclose its name, the name of the prepaid account program, any purchase price for the prepaid account, and any fee for activating the prepaid account; and A long form disclosure must be available. Must be in a specific format Model forms are available 18 Experian
19 Short form disclosures A-10(B) Sample form for Short Form Disclosures for payroll card accounts The short form disclosure must contain: For payroll card accounts only, a statement that the consumer does not have to accept the payroll card account (similar rule for government benefit account) Static fees i.e. periodic fee, per purchase fee, ATM fees, cash reload fee, customer service fees, and inactivity fee Must be listed, even if $0 Number of fee types in addition to the static fees With limited exceptions, the two additional fee types that generated the highest revenue during the previous 24 months. Exclude any fee type that generated less than 5% of the total revenue from consumers Statements regarding: Linked overdraft credit features Registration and FDIC / NCUA insurance URL for the CFPB s website about prepaid accounts, and Where the consumer can find the long form disclosure 19 Experian
20 Long form disclosures A-10(F) Sample form for Long Form Disclosures for prepaid accounts The long form disclosure must contain: A title, including the name of the prepaid account program Information about all fees that may be imposed in connection with the prepaid account (not just fees for electronic fund transfers) and the conditions under which they may be imposed Additional disclosures: Registration and FDIC / NCUA insurance Linked overdraft credit features The financial institution s contact information cfpb.gov / prepaid website for information about prepaid accounts cfpb.gov/complaint and the Bureau s telephone number ( ) to submit a complaint related to a prepaid account For prepaid accounts offering an overdraft credit feature, must also include the Regulation Z disclosures described in (e)(1) 20 Experian
21 When and how? Providing disclosures Disclosures must be provided before a consumer acquires a prepaid account Prepaid accounts sold at retail locations May provide the long form disclosure after acquisition if the short form disclosure contains information enabling the consumer to access the long form disclosure by telephone, or on a website Similar accommodation is made if acquired orally by telephone Requires financial institutions to provide the preacquisition disclosures electronically for prepaid accounts that are acquired online or via a mobile device Permits providing without E-Sign consent 21 Experian
22 When and how? Providing disclosures May require disclosures to be provided in a foreign language, as well as in English Language used in packaging, advertisement or when acquired by phone or electronically Make certain disclosures on the access device such as a card Institution name, website and telephone If no physical access device, disclosures must be on the website, mobile application, or where the prepaid account is accessed Regulation E initial disclosures for prepaid accounts Must include all of the information in the long form disclosure 22 Experian
23 Error resolution and limitations on liability Extends Regulation E s limited liability and error resolution requirements to all prepaid accounts Regardless of whether the financial institution has completed its consumer identification and verification process with respect to the account Does not require provisional credit for unverified accounts Once verified, the financial institution generally may take longer than 10 days to investigate and determine whether an error occurred Only if it provisionally credits the consumer s account in the amount of the alleged error, minus a maximum of $50 23 Experian
24 Periodic statements and the periodic statement alternative Requires periodic statements for prepaid accounts Alternative to periodic statements allowed if all of the following is provided: Account balance information is available by telephone; Electronic account transaction histories Must cover at least 12 months preceding the date on which the consumer electronically accesses the prepaid account; and Written account transaction histories are available upon request Must cover at least 24 months preceding the date of the request Periodic statements and account transaction histories must display A summary total of the amount of all fees assessed for the prior calendar month For the calendar year to date 24 Experian
25 Internet posting and submission of prepaid account agreements Requires issuers to submit to the CFPB new and amended prepaid account agreements and notification of withdrawn agreements Must submit no later than 30 days after the issuer offers, amends, or ceases to offer the agreement Issuer must also post the account agreement in a prominent and readily accessible location on its website If not posted on the issuer s website, the issuer must provide a consumer with a copy of the consumer s prepaid account agreement no later than 5 business days after the issuer receives the consumer s request for the agreement 25 Experian
26 Overdraft credit features hybrid prepaid-credit card A prepaid card is a hybrid prepaid-credit card under Regulation Z if: The card can be used from time-to-time to access credit from a separate credit account (separate credit feature); The separate credit feature is offered by the prepaid account issuer, its affiliate, or its business partner; and The card can be used to access the separate credit feature in the course of authorizing, settling, or otherwise completing transactions 26 Experian
27 Overdraft credit features Negative account balances A prepaid card is a also a hybrid prepaid-credit card if: If it is a single device that can be used from time to time to access credit through a negative balance on the prepaid account s asset feature unless: The prepaid account issuer has a policy and practice of declining to authorize transactions where: The consumer has insufficient funds to cover the transactions; or Declining to authorize such transactions except when the amount of the transaction will not cause the account to be negative by more than $10; or The transaction is conducted when incoming deposits to the prepaid account are pending Issuer does not charge certain credit-related fees; and The prepaid card cannot access credit from a covered separate credit feature (previous slide) Rule generally requires issuers to structure an overdraft credit feature accessible by a hybrid prepaid-credit card as a separate credit feature Discourages a negative balance to a prepaid account 27 Experian
28 Overdraft credit features Additional rules Linking to separate credit feature: Must wait at least 30 days after the prepaid account is registered before soliciting a consumer to link a covered separate credit feature to a prepaid account Offset Must obtain consumer consent to link such a credit feature to the prepaid account Permitted to deduct all or part of the cardholder s debt on a covered separate credit feature automatically from the prepaid account or other deposit account held by the card issuer But, no more frequently than once per month; and Only pursuant to a cardholder s signed written authorization Payments Must allow consumers to have at least 21 days to repay the debt incurred in connection with the use of such covered separate credit features that are open-end (not home-secured) consumer credit plans Ability to Repay (CARD Act) Applies to hybrid prepaid-credit cards may use modeled income for debt to income 28 Experian
29 Customer Identification Program (CIP) and Bank Secrecy Act (BSA) 29 Experian
30 Identity verification Customer Identification Program (CIP) March 21, 2016 Interagency Guidance to Issuing Banks on Applying Customer Identification Program: Requirements to Holders of Prepaid Cards Clarifies that CIP applies to the cardholders of certain prepaid cards by issuing banks Determine if an account is established as defined under CIP Prepaid cards that are also accounts includes those with: The ability to reload funds; or Access to credit or overdraft features Requirements under CIP Must verify the identify the customer 30 Experian
31 Bank Secrecy Act (BSA) / Anti-Money Laundering FinCEN: Prepaid Access Rule: 31 CFR 1010 Generally prepaid access is subject to the BSA / AML rules Number of exceptions Closed loop programs where $2,000 per day limit Government and health benefit and payroll cards No more that $1,000 may be loaded, used or withdrawn each day; and the following are not allowed: Funds or value to be transmitted internationally; Transfers between users of prepaid access within a program; or Loading additional funds from non-depository sources All participants within a prepaid program must determine a single participant to be the provider of prepaid access Otherwise falls into who has principal oversight and control Sellers (re-loaders) may also be subject to the rules 31 Experian
32 Action plan 32 Experian
33 Don t be surprised! Immediately audit and identify whether or not you offer prepaid accounts as subject to the rule in your organization Also determine if you may offer hybrid prepaid-credit cards Research negative balance policies and practices on prepaid accounts If identified then conduct operation review and prepare Disclosures Limited liability and error resolution Periodic statements Internet posting and submission to the CFPB of prepaid account agreements Ensure compliance with CIP / BSA for new prepaid accounts Ensure this is in place immediately! 33 Experian
34 Questions and answers Experian contact: Rod Everson Senior Product Manager Decision Analytics/Decision Science Solutions 34 Experian
35 Share your thoughts about Vision 2017! Please take the time now to give us your feedback about this session. You can complete the survey at the kiosk outside. How would you rate both the Speaker and Content? 35 Experian
36
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