CFPB Publishes CUNA-Backed Proposed Delay of Prepaid Rule

WASHINGTON – The Consumer Financial Protection Bureau published its proposed delay of its prepaid accounts rulemaking Wednesday in the Federal Register. The delay would shift the implementation date to April 1, 2018, from Oct. 1, 2017, a request CUNA made when commenting on the proposed prepaid rule in March 2015.

The prepaid rule, which was finalized in October 2016, amends Regulation E to establish certain consumer rights for prepaid accounts. It also amends Regulation Z to establish requirements and limitations for prepaid accounts with features such as overdraft protection.

CUNA will be commenting on the proposed delay, and comments can be sent to the bureau through April 5.

For more information, see CUNA’s Removing Barriers Blog.

in Compliance & Regulatory News