Treasury Renews Rules Protecting Prepaid Card Users
Published Date: 12/16/2025
Notice
Summary
The Office of the Comptroller of the Currency (OCC) is asking for your thoughts on renewing a paperwork form about prepaid accounts, like prepaid debit cards. This helps keep rules clear and paperwork light for banks and companies handling these accounts. If you want to share your opinion, make sure to do it by February 17, 2026—no money changes now, just your feedback matters!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Paperwork Burden for Prepaid Account Issuers
If your business issues prepaid accounts (like prepaid debit cards), the OCC is renewing an information collection under OMB Control No. 1557-0346 and is asking for comments by February 17, 2026. The OCC estimates 1,010 respondents and a total annual burden of 6,032 hours for this collection.
Required Prepaid Account Consumer Disclosures
Financial institutions must make pre-acquisition disclosures available to consumers before a consumer acquires a prepaid account, including short and long form disclosures under 12 CFR 1005.18(b). The rule also addresses periodic statement alternatives (12 CFR 1005.18(c)(1)), error resolution disclosures (12 CFR 1005.15(e)), and a foreign-language disclosure requirement under 12 CFR 1005.18(b)(9).
Issuers Must Submit Prepaid Account Agreements
Under 12 CFR 1005.19(b), issuers are generally required to submit prepaid account agreements to the CFPB on a rolling basis. The OCC's information-collection renewal covers aspects of that submission requirement as part of Reg E—Prepaid Accounts.
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