CFPB proposes delay to April 2018 for prepaid rule implementation
The CFPB on Thursday proposed a six-month delay – to April 1, 2018 – of its prepaid account rule’s effective date, currently set for Oct. 1. Comments on the proposed delay will be due 21 days after the proposal’s publication in the Federal Register.
The CFPB’s prepaid rule creates new consumer protections for prepaid accounts under Regulations E and Z. The rule was finalized in October 2016, leaving credit unions only a year to prepare. NAFCU had previously requested an 18-month implementation timeline for the rule.
NAFCU has expressed disappointment that credit unions’ unique structure and high level of member service were not recognized in the final rule.
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