CHL CMF opened a public consultation on new regulatory report re payment cards.
Draft Highlights
The public consultation concerns CHL CMF's Compendium of Financial Standards, Chapter III.J.1.3 on issuance of payment cards with provision of funds (Ch. III.J.1.3).
Purpose is to create a specialized file on prepaid cards that allows monitoring of the development of this market, along with supervising aspects governed by Ch. III.J.1.3.
New file or report will measure activity level based on new card issues and their flows,
Review transaction types that are carried out, and their uses as means of payment.
Monthly reporting of all card information on payment with current funds from bank issuers, saving and credit cooperatives and non-bank issuers during applicable month.
Regardless of whether there was any movement, or if there is end of month balance.
Consultation
Comments will be accepted until Dec. 6, 2023.
Feb. 2024 CHL CMF Prepaid Card Reporting
On Feb. 26, 2024, CHL CMF issued Circular2345 on new regulatory form, instructions for banks, non-bank issuers to report funding accounts and associated prepaid cards.
Bank issuers must deliver the first file beginning in Jun. 2024, considering May data.
For non-bank issuers of prepaid cards, the new file will come into effect in Sep. 2024.
