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CFPB Finalizes Effective Date Extension for Prepaid Rule
On Thursday, April 20, 2017, the CFPB released a final rule delaying the general effective date of the rule governing prepaid accounts by six months. The rule will now take effect on April 1, 2018. Additionally, in the coming weeks, the Bureau plans to revisit at least two substantive issues in the prepaid accounts rule through a separate notice and comment rulemaking process. These include:
- The linking of credit cards to digital wallets capable of storing funds; and
- Error resolution and limitations on liability for prepaid accounts that cannot be registered, have not yet been registered, or for which consumers have attempted but have not successfully completed the registration process.
The agency continues to evaluate other concerns raised by industry and other stakeholders and may address a limited number of other topics in the proposal as well. The Bureau also will seek comment on whether any further extension of the effective date is needed in light of the specific changes that they propose.