Technical Specifications for Submissions to the Prepaid Account Agreements Database, 7979-7980 [2019-03852]

Download as PDF 7979 Rules and Regulations Federal Register Vol. 84, No. 44 Wednesday, March 6, 2019 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Part 1005 RIN 3170–AA87 Technical Specifications for Submissions to the Prepaid Account Agreements Database Bureau of Consumer Financial Protection. ACTION: Notification of technical specifications. AGENCY: 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 Collect_Support@cfpb.gov. If you require this document in an alternative electronic format, please contact CFPB_ Accessibility@cfpb.gov. SUMMARY: VerDate Sep<11>2014 18:28 Mar 05, 2019 Jkt 247001 SUPPLEMENTARY INFORMATION: II. Technical Specifications I. Background A. Collect Website 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 § 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, § 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. 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 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, § 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. The Bureau has established the Collect website for submitting prepaid account agreements and agreement information to the Bureau pursuant to § 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 Collect_ Support@cfpb.gov.5 The Collect website registration form is available at https:// www.consumerfinance.gov/dataresearch/prepaid-accounts/issuerinstructions/. Once submitters receive their login credentials, they will be able to add, amend, or withdraw prepaid account agreement information in the future.6 The Collect website will use interactive forms to guide submitters through the submission process. After issuers have submitted certain identifying information required by § 1005.19(b)(1)(i), issuers will be prompted to upload the documents that are required to be submitted through the Collect website. 1 81 FR 83934 (Nov. 22, 2016). 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. 3 81 FR 83934, 84151 (Nov. 22, 2016). 2 See PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 B. File Format Documents submitted through the Collect website must be in the Portable Document Format (PDF) file format, and must be text-searchable, digitallycreated PDFs.7 These PDF files should not be scanned documents, otherwise known as ‘‘image-only’’ PDFs, as these are not text-searchable. For questions 4 Pursuant to comment 19(a)(4)–2, while the issuer has the legal obligation to comply with the requirements of § 1005.19, an issuer generally may use a third-party service provider (such as a program manager) to satisfy its obligations under § 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 Collect_ Support@cfpb.gov. 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. 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. E:\FR\FM\06MRR1.SGM 06MRR1 7980 Federal Register / Vol. 84, No. 44 / Wednesday, March 6, 2019 / Rules and Regulations about file formats, please contact the Bureau at Collect_Support@cfpb.gov. V. Paperwork Reduction Act 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/dataresearch/prepaid-accounts/. For technical assistance, issuers can also contact the Bureau at Collect_Support@ cfpb.gov. 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 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. 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/. 9 12 U.S.C. 5512(b)(1). 10 15 U.S.C. 1693b. VerDate Sep<11>2014 18:28 Mar 05, 2019 Jkt 247001 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 § 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. 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 SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 270 and 274 [Release No. IC–33384; File No. S7–02–19] RIN 3235–AL42 Amendments to the Timing Requirements for Filing Reports on Form N–Port Securities and Exchange Commission. ACTION: Interim final rule. AGENCY: The Securities and Exchange Commission (the ‘‘Commission’’) is adopting an interim final rule that will require reports on Form N–PORT for each month in a fiscal quarter to be filed with the Commission not later than 60 days after the end of that fiscal quarter (as opposed to filing each monthly report no later than 30 days after the end of each month). The monthly report on Form N–PORT for the third month of the quarter (the ‘‘quarter-end report’’) will continue to become publicly available (i.e., all portions of the quarter-end report, with the exception of the items identified in General SUMMARY: 11 44 PO 00000 U.S.C. 3501 et seq. Frm 00002 Fmt 4700 Sfmt 4700 Instruction F of Form N–PORT, will be made public upon filing). The monthly reports on Form N–PORT for the first and second months of the fiscal quarter will remain non-public. We are also amending our regulations and Form N– PORT to require that funds, no later than 30 days after the end of each month, maintain in their records the information that is required to be included in Form N–PORT. Registrants will promptly make such records available to the Commission upon request. Finally, we are amending Form N–LIQUID to provide for a voluntary explanatory notes section. Importantly, these amendments in no way affect the amount or timing of the information that will be made available to the public. DATES: Effective March 6, 2019. The applicable compliance dates are discussed in the SUPPLEMENTARY INFORMATION section of this Interim Final Rule. FOR FURTHER INFORMATION CONTACT: Jacob D. Krawitz, Branch Chief, or Brian McLaughlin Johnson, Assistant Director, at (202) 551–6792, Rulemaking Office, Division of Investment Management, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549. SUPPLEMENTARY INFORMATION: The Commission is amending rule 30b1–9 [17 CFR 270.30b1–9] under the Investment Company Act [15 U.S.C. 80a–1 et seq.] and Forms N–PORT [referenced in 17 CFR 274.150] and N– LIQUID [referenced in 17 CFR 274.223] under the Investment Company Act. I. Discussion In connection with the Commission’s ongoing evaluation of its collection of sensitive and non-public data, and in light of the frequency, volume, and complexity, as well as the potentially sensitive and non-public nature, of much of the data collected on Form N– PORT,1 the Commission is modifying the timing requirements for filing monthly reports on Form N–PORT. We are amending rule 30b1–9 and Form N– PORT to require funds to file a report on Form N–PORT for each month in the fund’s fiscal quarter not later than 60 days after the end of that fiscal quarter. In addition, we are amending rule 30b1– 9 and Form N–PORT to require funds, no later than 30 days after the end of each month, to maintain in their records 1 See Statement on Cybersecurity (September 20, 2017), available at https://www.sec.gov/news/ public-statement/statement-clayton-2017-09-20; see also Testimony before the Financial Services and General Government Subcommittee of the Senate Committee on Appropriations (June 5, 2018), available at https://www.sec.gov/news/testimony/ testimony-financial-services-and-generalgovernment-subcommittee-senate-committee. E:\FR\FM\06MRR1.SGM 06MRR1

Agencies

[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]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 

========================================================================


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.

-----------------------------------------------------------------------

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 Collect_Support@cfpb.gov. If you 
require this document in an alternative electronic format, please 
contact CFPB_Accessibility@cfpb.gov.

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.
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

    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\
---------------------------------------------------------------------------

    \3\ 81 FR 83934, 84151 (Nov. 22, 2016).
---------------------------------------------------------------------------

    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 Collect_Support@cfpb.gov.\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\
---------------------------------------------------------------------------

    \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 Collect_Support@cfpb.gov.
    \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.
---------------------------------------------------------------------------

    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 
Collect_Support@cfpb.gov.
---------------------------------------------------------------------------

    \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.
---------------------------------------------------------------------------

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 
Collect_Support@cfpb.gov.
---------------------------------------------------------------------------

    \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/.
---------------------------------------------------------------------------

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\
---------------------------------------------------------------------------

    \9\ 12 U.S.C. 5512(b)(1).
    \10\ 15 U.S.C. 1693b.
---------------------------------------------------------------------------

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.
---------------------------------------------------------------------------

    \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