The CFPB has filed an amicus brief in Mohamed v. Bank of America, N.A. in which it argues that a prepaid card loaded with pandemic-related unemployment benefits is a “prepaid account” subject to Regulation E, including its error resolution requirements for investigation of consumer disputes.
Regulation E, which implements the Electronic Fund Transfer Act, defines the scope of a covered “account” to include “a prepaid account,” and specifically identifies a “government benefit account” as a category of “prepaid account.”… Continue Reading