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CFPB Proposes Extension for Prepaid Accounts Rule

McIntyre & Lemon: > Client Alerts  > CFPB Proposes Extension for Prepaid Accounts Rule

CFPB Proposes Extension for Prepaid Accounts Rule

03/16/17 – The CFPB has released a proposal for a six-month extension on the effective date of their prepaid accounts rule.

The CFPB’s change reflects concerns from industry participants who believe they will have difficulty complying with certain provisions of the rule by the current effective date of October 1, 2017.

The Bureau believes that a six-month extension will be sufficient for industry participants to ensure they can comply with the rule.

In addition to the extension, the CFPB is requesting the public to provide comments on any implementation challenges that may affect consumers, and how additional time will impact industry, consumers, and other stakeholders.

In the event that the Bureau determines a need for any substantive changes to the prepaid accounts rule, the agency will issue a separate proposal and provide the public an opportunity to comment on those changes prior to finalizing.

Comments on the proposal must be received on or before April 5, 2017.

CFPB Blog, Federal Register Release.