Did you know the CFPB’s Prepaid Account Final Rule regulates mobile wallets, P2P services? If you did not you are not alone. The CFPB’s definition of “prepaid account” covers more than just traditional GPR products. The misleading name of the “Prepaid Rule” is exacerbated by the fact that the rule itself consists of more than 2000 pages of dense regulations that are difficult to digest. The truth is most payment products offered on fintech platforms on the market today have been built on or borrow heavily from prepaid platforms. Thus, the CFPB knew when it was regulating prepaid cards that it was regulating all emerging payment forms.
Last month, PayPal filed a lawsuit against CFPB that could re-shape how Americans use technology to make everyday purchases. Paypal contends its mobile wallet is drastically different from a traditional prepaid account and that for this reason, the same regulations and consumer protections that apply to prepaid account products should not apply to PayPal’s mobile wallet.
Join the Innovative Payments Association, NYPAY, and K&L Gates for a lively panel discussion. Topics include:
The merits of PayPal’s lawsuit challenging the CFPB’s Prepaid Rule;
Are digital wallets fundamentally different from GPR cards?
How the Prepaid Rule has shaped the payments market?
How the Supreme Court and the 2020 elections may impact the CFPB?
Should there be one law or rule for all payments products or should the CFPB just regulate product by product?
With thanks to event sponsor:
With thanks to our annual sponsor:
Consumer Financial Services, Akerman LLP Partner
Innovative Payments Association President & CEO