Cfpb Prepaid Agreements

To send agreements and access the user`s resources, go to: www.consumerfinance.gov/data-research/prepaid-accounts/issuer-instructions/ (opens a new window). 7. An issuer may submit its consent: as a single document (i.e. a file containing all prepaid agreements, short disclosure and information on long forms); With three separate files, each containing one of the necessary parts; or with two files, one of which contains two of the necessary parts and the other, one. In the final rule of 2016, the Bureau indicated that it would establish technical specifications for the form and procedure for submitting agreements and that it would issue a notice to the Federal Registry when its streamlined electronic submission procedure is operational. [3] Documents submitted via Collect`s website must be available in the “Portable Document Format” (PDF) file format and be digitally available and created PDFs. [7] These PDF files should not be scanned, also known as “images only” PDFs, because they are not hackable. For Start Printed Page 7980 questions about file formats, please contact Collect_Support@cfpb.gov`s office. Prepaid account contracts offered as of April 1, 2019 must be available on Collect by May 1, 2019. Subsequently, issuers of prepaid accounts must submit a new contract to the CFPB within 30 days if a new agreement is proposed, if a previously presented agreement is amended or if a previously presented agreement is no longer proposed. The office has set up The Collect website for prepaid account agreements and contractual information in accordance with . 1005.19 at the Office.

[4] Collect`s website can be accessed at collect.consumerfinance.gov. To register, applicants fill out a registration form and send it Collect_Support@cfpb.gov. [5] The registration form for Collect`s website is available at www.consumerfinance.gov/data-research/prepaid-accounts/issuer-instructions/. Once issuers have received their login data, they will be able to add, modify or remove prepaid account information in the future. [6] The prepaid rule requires prepaid account issuers to submit their prepaid account agreements to the Bureau.

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