Prepaid Card Compliance

The prepaid card industry continues to be faced with a rapidly moving legal landscape. It is experiencing unprecedented legal and regulatory challenges at the federal level:

• The CFPB has now turned its attention to prepaid cards, and the industry is bracing itself in the wake of their final rule on International Remittance Transfers as well as their advance notice of proposed rulemaking on a variety of issues.
• FinCEN’s latest initiatives, including ANPR’s on the Cross Border Monetary Instrument Rule, Customer Due Diligence and guidance on Customer Identification Processes. Plus, lingering issues on their sweeping final rule on prepaid access.
• The Durbin Amendment’s treatment of prepaid cards differs significantly from industry expectations prior to the rule’s release, raising critical questions as to which prepaid products are covered and which are not; moreover, the next phase of the Amendment will go into effect April 1, 2013, and will directly affect the prepaid industry.

At the State level, the continued evolution of money transmitter statutes requires that market participants keep pace or risk noncompliance and controversial escheat laws threaten to severely impact the way prepaid cards are sold.

Add to these concerns the uncertain status of federal preemption in the wake of the CFPB, increased risks relating to fraud, including diversion of government benefits, and the continuing difficulties associated with AML compliance, and it becomes clear that it is moreimportant than ever to ensure that you are in compliance with the myriad state and federal regulations and emerging legislation impacting the prepaid industry.

In response, American Conference Institute’s 7th National Forum on Prepaid Card Compliance will bring together an unparalleled faculty of regulatory and enforcement officials, compliance experts from industry leaders, and outside counsel specializing in prepaid card regulatory compliance who will provide you with best practices and targeted guidance in these most uncertain times for the industry.

This event has become the nation’s premier, must-attend forum focused solely on the industry’s legal, regulatory, and compliance concerns. You will not want to miss this unparalleled opportunity to find out how others are approaching the challenges facing the prepaid card industry while networking with the industry’s leaders.

More information: http://www.americanconference.com/prepaidcard