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Abstract: 

The CFPB’s prepaid account rule, which went into effect on April 1, covers not only “prepaid card” products but also many digital wallets and person-to-person transfer services. The author gives an overview of its requirements and compliance challenges.

Keywords: Consumer Financial Protection Bureau’s (“CFPB”); Required Disclosures; Account Agreement Submission and Posting; Credit and Overdraft Requirements

Affiliations:  1: Baird Holm LLP.