CFPB proposes delay to Prepaid Card Rule effective date

CFPB prepaid rule delay

On March 9, 2017, the CFPB released a proposal to delay the effective date of its final rule govern prepaid accounts by six months. This proposal will push the effective date back from October 1, 2017 to April 1, 2018.

Through ongoing discussions with companies in the prepaid industry, CFPB staff learned that some industry participants have concerns about achieving compliance with the new requirements while also ensuring continued availability of their prepaid products and with minimal disruption to consumers by the October 1, 2017 deadline.


Hensarling memo reveals plans for CFPB overhaul

Earlier this week, House Financial Services Committee Chairman Jeb Hensarling circulated a memorandum to committee leaders outlining potential upcoming changes to the Financial CHOICE Act that will be introduced during the 115th Congress.

Those proposed changes would affect several significant aspects of the Dodd-Frank Act, such as providing regulatory relief for strongly capitalized banks, taking steps to end “too big to fail,” and drastically reducing the CFPB’s authority.


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