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CFPB Proposes Extension of Effective Date for Prepaid Rule
On Thursday, March 9, 2017, the CFPB released a proposal to delay by six months the effective date of its rule governing prepaid accounts. The agency proposed the delay after learning some industry participants would have difficulty complying with certain provisions of the rule by the current October 1, 2017 effective date. While the proposal would not change any other part of the prepaid accounts rule at this time, the Bureau seeks public comments about any implementation challenges affecting consumers, and whether additional time will impact industry, consumers, or other stakeholders. Should the CFPB determine substantive changes to the rule are necessary and appropriate, it will issue a separate proposal with the opportunity for public comment on those amendments prior to finalizing the rule.
Comments on the proposal to delay the effective date will be due 21 days after publication in the Federal Register.