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HC-E / RC-E (FRY9C, FFIEC031/041): PREPAID Cards Interest/non Interest Bearing Characteristics (Doc ID 2704779.1)

Last updated on AUGUST 31, 2020

Applies to:

Oracle Financial Services - Regulatory Reporting for US Federal Reserve - Lombard Risk Integration Pack - Version 8.0.9 and later
Information in this document applies to any platform.


HC-E / RC-E: PREPAID cards interest/non interest bearing characteristics

Issue: As per instructions, The unpaid balance of money received or held by the reporting institution that the reporting institution promises to pay pursuant to an instruction received through the use of a card, or other pay- ment code or access device, issued on a prepaid or prefunded basis.. should be treated as deposits.
This includes PREPAID cards. However, the configuration doesn't show the F_NON_INTEREST_BEARING_FLAG for prepaid cards
To report prepaid cards as non-interest bearing deposits in MDRM BHCK2210 and BHOD3189, OFSAA has provided DIM_STANDARD_PRODUCT_TYPE.V_STANDARD_PRODUCT_TYPE_CODE = PREPCARD. But for this product , configuration doesn't check if F_NON_INTEREST_BEARING_DEPOSIT flag is ‘Y’ or not.
It is noted banks can offer prepaid debit cards with a savings account feature which provides the prepaid card holder an opportunity to earn interest as well. This indicates that prepaid cards can be both, interest bearing or non-interest bearing.
However as per OFSAA 80942 configuration, all prepaid cards are getting reported on assumption that all prepaid cards are non-interest bearing only. Configuration doesn't use flag F_NON_INTEREST_BEARING_DEPOSIT for prepaid cards




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