CFPB’s prepaid card rule survives Congress challenge

CFPB prepaid rule CongressLast October, the CFPB issued its Final Rule for Prepaid Accounts which established comprehensive consumer protections for prepaid accounts under Regulation E. Due to the timing of the rule, Congress had until Thursday to repeal the regulation by passing a disapproval resolution in both chambers with simple majorities under the Congressional Review Act (CRA). That deadline came and went without a repeal of the Bureau’s new rule.

CFPB holds small business lending field hearing and issues white paper, RFI

On May 10, the CFPB held a field hearing about small business lending in Los Angeles, California. In conjunction with the field hearing, the CFPB issued a Request for Information (RFI) in order to obtain feedback to help the Bureau better understand the small business lending market, along with a white paper “reviewing the available evidence concerning the small business lending landscape.”

CFPB delays effective date of Prepaid Accounts Rule

CFPB delays Prepaid RuleOn April 20, the CFPB finalized a proposed rule to delay the effective date of the Prepaid Account Rule. The final rule governing prepaid accounts will be delayed six months, from October 1, 2017 to April 1, 2018.

According to the CFPB, the Bureau discovered that “some industry participants believed that they would have difficulty complying with certain provisions of the Prepaid Accounts Final Rule that would have gone into effect on October 1, 2017.” As a result, the Bureau postponed the effective date in order to “facilitate compliance with the Prepaid Account Final Rule, and to allow an opportunity for the Bureau to assess whether any additional adjustments to the Rule are appropriate.”