On September 11, the U.S. Securities and Exchange Commission (SEC) announced that it has adopted rules to update and expand the statistical disclosures that bank and savings and loan registrants provide to investors. The rules also eliminate certain disclosure items that are duplicative of other Commission rules and requirements of U.S. GAPP or IFRS. Release.
On October 5, 2016, the Consumer Financial Protection Bureau (the “CFPB”) finalized comprehensive consumer protections for prepaid account users that require, among other things, financial institutions to limit consumer losses when funds are stolen or cards are lost. The new rule also requires financial institutions to allow consumers free, easy access to account information and finalizes new “Know Before You Owe” disclosures to give consumers clear information about fees and other key details regarding prepaid accounts. Press Release. Final Rule.
