A resource for credit unions in CA & NV, providing credit union financial and economic trend analysis, brought to you by your Leagues in partnership with CUNA & Affiliates.
Answers to your crucial questions can be less than one business day away. Post your question here, and a talented compliance professional will get back to you quickly! Or if you prefer, call the PolicyWorks compliance hotline to speak directly with our knowledgeable consultants.
Compliance Hotline: (844) 731-6072
Continue for Ask PolicyWorks
|Arnold Ramirez, Research and Information Consultant for the California and Nevada Credit Union Leagues|
According to Regulation E §1005.20, there are certain conditions that must be met for an issuer or seller of a general-use prepaid card which determine whether an expiration date may be applied.
Before a general-use prepaid card is purchased, the issuer or seller must disclose to the consumer the information about dormancy, inactivity, service fee, expiration date, and the toll-free telephone number. If the issuer or seller has a website, it must also disclose that site so the consumer can obtain fee information.
These disclosures must be made on the card. A disclosure made in an accompanying terms-and-conditions document—or on the packaging surrounding a certificate or card, or on a sticker or other label affixed to the certificate or card—does not constitute a disclosure on the certificate or card.
The fees—and terms and conditions of expiration—that are required to be disclosed prior to purchase may not be changed after purchase.
POLICYWORKS MLA UPDATE
updated 08/23/16 07:36 AM
Plus, DoD's Database Info
PolicyWorks, compliance services powered by your League membership, is hosting a Military Lending Act (MLA) Town Hall webinar on Thursday, Aug. 25 to discuss upcoming changes to the rule.
INFOSIGHT SURVEY REQUEST
updated 08/16/16 08:09 AM
Plus, Latest PolicyWorks Newsletter
League InfoSight has issued an annual survey regarding its products (InfoSight, CU PolicyPro and ComplySight), requesting credit unions complete the survey prior to Aug. 26. These survey results will help League InfoSight ensure these compliance products are meeting the needs of credit unions. Click here to access the survey.