Master Class – Credit, Debit, and Prepaid Cards: New Regulations and Reforms and Their Impact on ‘Traditional’ Payment Methods

July 29, 2016 1:00pm

Ted Teruo Kitada
Senior Vice President and Senior Company Counsel
Wells Fargo Bank

Rebecca J. Simmons
Partner
Sullivan & Cromwell LLP

Michael F. Day
Senior Corporate Counsel
Blackhawk Network, Inc.

With new and emerging reforms changing the face of the industry, credit, debit, and prepaid card companies are trying to stay afloat and remain in compliance. Participants in this Master Class will obtain a deeper understanding of the challenges and changes affecting the industry, and they will come away with best practices and effective solutions for the new regulatory paradigm

Topics to be addressed include:

  • The CFPB’s new prepaid card rule – an in-depth exploration of the extension of Reg E protections to ‘prepaid’ accounts, ‘Know Before You Owe’ disclosures, the rule’s treatment of credit and overdraft features, industry concerns, operational and implementation challenges, and more
  • The FDIC’s recent guidance on brokered deposits and what it means for the prepaid industry and consumers
  • How recent changes are impacting compliance initiatives
  • The Durbin Amendment and its impact on the markets
  • Developing prepaid products that qualify for exemption
  • Understanding new disclosure requirements
  • Best practices for disclosures
  • Modifying terms to ensure compliance
  • Providing proper notice for opting into overdraft
  • Navigating through increased transparency requirements, including additional disclosure on the Fed website
  • ‘Plain English’ disclosures
  • TILA/UDAP violations in the context of card issuance