Prepaid Card Compliance Master Class C (052311)

PAYROLL CARDS: Regulatory Considerations and Best Practices Ted Teruo Kitada Senior Company Counsel Wells Fargo Bank, National Association Dana Blaylock Sr. AML Risk Manager Bank of America, N.A. American Conference Institute Prepaid Card Compliance Mandarin Oriental, Washington, D.C. June 23-24, 2011

Introduction ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Introduction ,[object Object],[object Object],[object Object],[object Object]

Introduction ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Introduction ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Types of payroll cards used by employers ,[object Object],[object Object],[object Object]

Legal issues- coverage of payroll cards under Regulation E ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Legal issues-compulsory use ,[object Object],[object Object]

Legal issues-Regulation P ,[object Object],[object Object],[object Object]

Legal issues-Regulation DD ,[object Object],[object Object],[object Object],[object Object]

Legal issues-federal payments ,[object Object],[object Object],[object Object],[object Object]

Legal issues-Title IV of the CARD Act. ,[object Object],[object Object]

Legal issues-funds availability ,[object Object],[object Object],[object Object],[object Object]

Legal issues-fees ,[object Object],[object Object]

Legal issues-preemption under Dodd-Frank ,[object Object],[object Object]

Preemption-recent development ,[object Object],[object Object]

Legal issues-International ACH Transactions ,[object Object],[object Object]

State recognition of payroll cards ,[object Object],[object Object],[object Object],[object Object],[object Object]

Legal issues-other state law considerations ,[object Object],[object Object],[object Object],[object Object],[object Object]

FDIC insurance for payroll cards ,[object Object],[object Object],[object Object],[object Object],[object Object]

AML and Know Your Customer (KYC) requirements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

AML Considerations – Transaction Monitoring ,[object Object],[object Object],[object Object],[object Object],[object Object]

Structuring payroll card relationships-drafting agreements ,[object Object],[object Object],[object Object],[object Object],[object Object]

Overdraft service under payroll cards ,[object Object],[object Object]

Background-final rules ,[object Object],[object Object],[object Object]

Background-clarifications to the final rules ,[object Object],[object Object],[object Object]

Summary of final rules ,[object Object],[object Object]

Key highlights of Regulation E’s final rule ,[object Object],[object Object],[object Object],[object Object],[object Object]

Opt-in ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Opt-in notice ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Consumers covered ,[object Object],[object Object],[object Object]

Conditioning the opt-in ,[object Object],[object Object],[object Object],[object Object]

Same account terms, conditions, and features ,[object Object],[object Object]

Overdraft and general use prepaid cards ,[object Object],[object Object]

Regulation E final rule –questions and issues ,[object Object],[object Object],[object Object]

Regulation E final rule –questions and issues ,[object Object],[object Object],[object Object],[object Object],[object Object]

Regulation DD final rule ,[object Object],[object Object],[object Object]

Regulation DD final rule-questions and issues ,[object Object],[object Object],[object Object],[object Object]

PAYROLL CARDS: Regulatory Considerations and Best Practices Ted Teruo Kitada Senior Company Counsel Wells Fargo Bank, National Association Dana Blaylock Sr. AML Risk Manager Bank of America, N.A. © 2011 Wells Fargo Bank, N.A. All rights reserved. For public use.

Prepaid Card Compliance Master Class C (052311)

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Prepaid Card Compliance Master Class C (052311)