Exam Procedures for Prepaid Accounts Rule
In a financial institution letter, FIL-9-2019, the Federal Deposit Insurance Corporation (FDIC) announced that it has adopted interagency examination procedures to incorporate the Consumer Financial Protection Bureau’s (CFPB) changes to Regulations E and Z for prepaid accounts. The new examination procedures reflect the prepaid account regulatory changes that took place on October 3, 2016 and upcoming changes effective April 1, 2019. The FDIC suggests that these examination procedures can be helpful to financial institutions in understanding how examiners will be testing compliance with the prepaid accounts requirements.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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