[Federal Register Volume 84, Number 44 (Wednesday, March 6, 2019)]
[Rules and Regulations]
[Pages 7979-7980]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-03852]



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 Rules and Regulations
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 This section of the FEDERAL REGISTER contains regulatory documents 
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  Federal Register / Vol. 84, No. 44 / Wednesday, March 6, 2019 / Rules 
and Regulations  

[[Page 7979]]



BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1005

RIN 3170-AA87


Technical Specifications for Submissions to the Prepaid Account 
Agreements Database

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notification of technical specifications.

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SUMMARY: Beginning on April 1, 2019, prepaid account issuers are 
required to submit their currently-offered prepaid account agreements 
to the Bureau of Consumer Financial Protection (Bureau), to be posted 
on the Bureau's website. The Bureau is issuing technical specifications 
for those submissions, including the URL for the website at which 
issuers (or their designees) can register and submit their prepaid 
account agreements. This document relates to a final rule published in 
the Federal Register on November 22, 2016, as amended on April 25, 2017 
and February 13, 2018, regarding prepaid accounts under Regulations E 
and Z.

DATES: The requirement to submit prepaid account agreements on a 
rolling basis to the Bureau becomes effective on April 1, 2019. Issuers 
must submit to the Bureau no later than May 1, 2019 all prepaid account 
agreements they offer as of April 1, 2019.

FOR FURTHER INFORMATION CONTACT: For inquiries regarding the prepaid 
account agreement submission requirement, contact Kristine M. 
Andreassen and Thomas L. Devlin, Senior Counsels, Office of 
Regulations, at 202-435-7700 or https://reginquiries.consumerfinance.gov. For technical assistance regarding 
the Collect submission system, contact [email protected]. If you 
require this document in an alternative electronic format, please 
contact [email protected].

SUPPLEMENTARY INFORMATION: 

I. Background

    On October 5, 2016, the Bureau issued a final rule titled ``Prepaid 
Accounts Under the Electronic Fund Transfer Act (Regulation E) and the 
Truth In Lending Act (Regulation Z)'' (2016 Final Rule).\1\ The Bureau 
subsequently amended the 2016 Final Rule twice, in 2017 and 2018.\2\ 
The 2016 Final Rule, as subsequently amended, is referred to herein as 
the Prepaid Accounts Rule. Among other things, the Prepaid Accounts 
Rule added Sec.  1005.19 to Regulation E, which requires prepaid 
account issuers to submit their currently-offered prepaid account 
agreements to the Bureau, post those agreements on their websites, and 
make account agreements for open prepaid accounts available to 
consumers upon request. Specifically, Sec.  1005.19(b) requires an 
issuer to make submissions of prepaid account agreements on a rolling 
basis, in the form and manner specified by the Bureau. Section 
1005.19(b) also describes in detail the information that must be 
submitted to the Bureau; the requirements for submitting amended 
agreements and withdrawing agreements that are no longer offered; the 
terms of de minimis and product testing exceptions to the submission 
requirement; and the form and content of agreements that must be 
submitted to the Bureau.
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    \1\ 81 FR 83934 (Nov. 22, 2016).
    \2\ See 82 FR 18975 (Apr. 25, 2017) and 83 FR 6364 (Feb. 13, 
2018). These amendments, among other things, extended the effective 
date of the Prepaid Accounts Rule to April 1, 2019.
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    In the 2016 Final Rule, the Bureau stated that it would issue 
technical specifications addressing the form and manner for submission 
of agreements, and publish a notice in the Federal Register when its 
streamlined electronic submission process is operational.\3\
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    \3\ 81 FR 83934, 84151 (Nov. 22, 2016).
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    The Prepaid Accounts Rule becomes effective on April 1, 2019. 
Section 1005.19(f) states that an issuer must submit to the Bureau no 
later than May 1, 2019 all prepaid account agreements it offers as of 
April 1, 2019. Following that, Sec.  1005.19(b) requires an issuer to 
make rolling submissions to the Bureau no later than 30 days after an 
issuer offers, amends, or ceases to offer any prepaid account 
agreement.

II. Technical Specifications

A. Collect Website

    The Bureau has established the Collect website for submitting 
prepaid account agreements and agreement information to the Bureau 
pursuant to Sec.  1005.19.\4\ The Collect website can be accessed at 
https://collect.consumerfinance.gov. To register, submitters will 
complete and submit a registration form to [email protected].\5\ 
The Collect website registration form is available at https://www.consumerfinance.gov/data-research/prepaid-accounts/issuer-instructions/. Once submitters receive their login credentials, they 
will be able to add, amend, or withdraw prepaid account agreement 
information in the future.\6\
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    \4\ Pursuant to comment 19(a)(4)-2, while the issuer has the 
legal obligation to comply with the requirements of Sec.  1005.19, 
an issuer generally may use a third-party service provider (such as 
a program manager) to satisfy its obligations under Sec.  1005.19, 
provided that the issuer acts in accordance with regulatory guidance 
regarding use of third-party service providers and other applicable 
regulatory guidance.
    \5\ For questions concerning the registration form, please 
contact the Collect Support Team at [email protected].
    \6\ Prepaid account issuers and other submitters are encouraged 
to register as early as possible, to confirm that they can 
successfully access the system. Submitters who preregister will 
receive a notification when the Collect website is available to 
receive submissions.
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    The Collect website will use interactive forms to guide submitters 
through the submission process. After issuers have submitted certain 
identifying information required by Sec.  1005.19(b)(1)(i), issuers 
will be prompted to upload the documents that are required to be 
submitted through the Collect website.

B. File Format

    Documents submitted through the Collect website must be in the 
Portable Document Format (PDF) file format, and must be text-
searchable, digitally-created PDFs.\7\ These PDF files should not be 
scanned documents, otherwise known as ``image-only'' PDFs, as these are 
not text-searchable. For questions

[[Page 7980]]

about file formats, please contact the Bureau at 
[email protected].
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    \7\ An issuer can make its agreement submission: As a single 
document (i.e., one file that contains all of the prepaid agreement, 
the short form disclosure, and the long form information); with 
three separate files, each containing one of the required pieces; or 
with two files, one of which contains two of the required pieces and 
the other, one.
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C. Compliance Assistance

    The Bureau has made a number of compliance resources available to 
assist issuers in using the Collect website, including a user guide, a 
quick reference guide, frequently asked questions, and a recorded 
webinar.\8\ These resources will be available on the Bureau's website 
at https://www.consumerfinance.gov/data-research/prepaid-accounts/. For 
technical assistance, issuers can also contact the Bureau at 
[email protected].
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    \8\ The Bureau has previously issued various implementation 
tools regarding the Prepaid Accounts Rule, including a small entity 
compliance guide, executive summary of the rule, summaries of key 
changes for payroll card accounts and government benefit accounts, a 
prepaid account coverage chart, a summary of the rule's effective 
date provisions, and a guide to preparing the short form disclosure, 
among others. These materials can be found on the Bureau's guidance 
and implementation website at https://www.consumerfinance.gov/policy-compliance/guidance/prepaid-rule/.
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III. Legal Authority

    The Bureau is issuing this procedural rule pursuant to its 
authority under section 1022(b)(1) of the Dodd-Frank Act, which 
authorizes the Bureau to prescribe rules as may be necessary or 
appropriate to enable the Bureau to administer and carry out the 
purposes and objectives of Federal consumer financial law.\9\ The 
Bureau is also issuing this procedural rule pursuant to section 904 of 
the Electronic Fund Transfer Act (EFTA), which authorizes the Bureau to 
prescribe regulations necessary to carry out the purposes of EFTA.\10\
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    \9\ 12 U.S.C. 5512(b)(1).
    \10\ 15 U.S.C. 1693b.
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IV. Regulatory Requirements

    The Bureau has concluded that these technical specifications 
constitute a rule of agency organization, procedure, or practice exempt 
from the notice and comment rulemaking requirements under the 
Administrative Procedure Act (APA), pursuant to 5 U.S.C. 553(b). 
Because the procedural rule relates solely to agency procedure and 
practice, it is not substantive, and therefore is not subject to the 
30-day delayed effective date for substantive rules under section 
553(d) of the APA. Because no notice of proposed rulemaking is 
required, the Regulatory Flexibility Act does not require an initial or 
final regulatory flexibility analysis.

V. Paperwork Reduction Act

    Under the Paperwork Reduction Act of 1995 (PRA),\11\ Federal 
agencies are generally required to seek Office of Management and Budget 
(OMB) approval for information collection requirements prior to 
implementation. The collections of information related to the account 
agreement submission requirements in Sec.  1005.19 were previously 
submitted to OMB in accordance with the PRA under OMB Control Number 
3170-0014. Under the PRA, the Bureau may not conduct or sponsor and, 
notwithstanding any other provision of law, a person is not required to 
respond to an information collection unless the information collection 
displays a valid control number assigned by OMB. The Bureau has 
determined that these technical specifications do not introduce any new 
or revised collections of information; therefore, the Bureau does not 
intend to submit a separate request to OMB regarding these technical 
specifications.
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    \11\ 44 U.S.C. 3501 et seq.

    Dated: February 22, 2019.
Kathleen L. Kraninger,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2019-03852 Filed 3-5-19; 8:45 am]
 BILLING CODE 4810-AM-P