Treasury Renews Prepaid Account Paperwork Rules
Published Date: 2/24/2026
Notice
Summary
The Office of the Comptroller of the Currency (OCC) is renewing its paperwork for prepaid accounts under Reg E and asking for public comments by March 26, 2026. This update helps keep the rules clear and reduces unnecessary paperwork for banks and prepaid account providers. No big cost changes, but your feedback can shape how this info is collected going forward!
Analyzed Economic Effects
7 provisions identified: 5 benefits, 2 costs, 0 mixed.
OCC Sent Reg E Renewal to OMB
The OCC submitted its information-collection renewal for "Reg E--Prepaid Accounts" (OMB Control No. 1557-0346) to OMB and is asking for public comments by March 26, 2026. If you are a bank or prepaid account provider, you can submit comments by email, mail, fax, or through www.reginfo.gov before that date.
Paperwork Burden Estimate Provided
The OCC estimates this information collection will affect 998 respondents and total 5,960 hours of annual burden. Those estimates apply to businesses or other for-profit entities subject to Reg E prepaid-account information requirements.
Pre-Acquisition Disclosure Requirements
Under Reg E (12 CFR 1005.18(b)), financial institutions must make available short-form and long-form disclosures before a consumer acquires a prepaid account, in writing or electronically depending on circumstances. These disclosures must be provided pre-acquisition except where exceptions apply.
Foreign-Language Pre-Acquisition Disclosures
Section 1005.18(b)(9) requires a financial institution to provide pre-acquisition disclosures in a foreign language if certain conditions are met, so some consumers may receive disclosures in a language other than English.
Periodic Statements and Transaction Histories
Reg E allows financial institutions to provide certain disclosures as an alternative to periodic statements (12 CFR 1005.18(c)(1)), and section 1005.18(c) includes requirements for periodic statements and account transaction histories. These rules govern how consumers receive their transaction histories and statements.
Error-Resolution Disclosure Requirement
Section 1005.15(e) of Reg E requires disclosures related to error-resolution procedures for prepaid accounts, so consumers must be informed about how to dispute errors on these accounts.
Issuers Must Submit Agreements to CFPB
Section 1005.19(b) generally requires prepaid-account issuers to submit prepaid account agreements to the Consumer Financial Protection Bureau (CFPB) on a rolling basis, which creates an ongoing submission obligation for issuers.
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