Comply with all federal and state laws and regulations governing the prepaid cards they offer and the role they fulfill in the prepaid card value chain.
Collaborate with legislators, regulators and law enforcement to create and enforce effective laws and regulations in marketing and delivering prepaid cards and in preventing misuse of these products.
Provide Access and Cooperate
Provide access to the information needed to cooperate with and assist law enforcement officials, in accordance with all applicable privacy laws, rules, regulations and policies. Provide consumers, businesses and government with access to the information they need to understand the benefits and costs of using prepaid products and services, in clear and understandable terms.
Business and Market Leadership
Members play a key role to lead industry in their product areas, setting high business standards, levels of consumer service and education. Members must contribute as leaders and experts as the business and legal environments change and the needs evolve of the consumers, government and businesses they serve.
In support of these principles, the NBPCA has adopted a Code of Conduct for members and their business partners.
Marketing & Disclosures
1. Provide easy-to-understand marketing materials and disclosure documents including terms and conditions and fees—all conveyed clearly and conspicuously.
2. Avoid unfair, deceptive or abusive practices—both in product attributes and in advertising/marketing.
Legal & Regulatory Compliance
1. Operate in compliance with all applicable state and federal laws and regulations including regulations issued by OCC, OTS, FDIC, NCUA, Federal Reserve Board and FinCEN; state licensing and registration requirements; and state consumer protection and abandoned property laws. Please see our Website for a sample list of organizations and agencies whose guidance and policies cover network branded prepaid cards.
Card Services & Information
1. Deliver transaction details and card information and support services using methods that are timely, cardholder friendly, easy to understand and appropriate for the applicable prepaid product. The goal is to enable cardholders to optimize their prepaid card usage for maximum value to fit their specific needs, including convenient access to information and costs, and to be able to easily report errors or resolve disputes.
Anti-Money Laundering & Terrorist Finance
1. Implement programs to guard against the threat of prepaid cards, like any financial product, being exploited by criminals for money laundering or terrorist financing purposes. Resources for members include the NBPCA’s Recommended Practices for Anti-Money Laundering Compliance and related information provided by the U.S. Treasury Department’s Financial Crimes Enforcement Network. (FinCEN)
Education, Support & Cooperation
1. Engage productively with regulators, elected officials, law enforcement agencies, media and others on issues concerning network branded prepaid cards.
2. Assist law enforcement agencies in their efforts to investigate and prosecute suspected illegal activity associated with the use of network branded prepaid cards, in accordance with all applicable privacy laws, rules, regulations and policies.