What's New? Prepaid Accounts Rule

Revised interagency examination procedures for Regulation E, Regulation Z and Regulation X were released. These procedures relate to the creation of comprehensive consumer protections for prepaid accounts. 

A prepaid account, (also called a prepaid card or a stored-value card) is a payment card with a monetary value stored on the card itself, not in an external account maintained by a financial institution. This means no network access is required by the payment collection terminals as funds can be withdrawn and deposited straight from the card.

See The Gold Book for more information.