The CFPB last week announced its intentions to further delay the effective date of its 2016 prepaid rule, which is currently April 1, 2018. NAFCU has consistently urged the CFPB to rescind the rule entirely or, at the very least, exempt credit unions from it.
NAFCU Regulatory Affairs Counsel Andrew Morris, in response to the CFPB’s statement, reiterated the association’s recommendation to exempt credit unions from the rule, but said NAFCU “welcome[s] the prospect of having additional time to implement it.”
“We also look forward to the bureau finalizing its recently proposed amendments, which are aimed at alleviating regulatory burden,” Morris continued.
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