WASHINGTON, DC (March 10, 2017) — NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement today on the CFPB’s proposal to extend from October 2017 to April 2018 the compliance deadline for its prepaid accounts final rule:
“Although the proposal to delay the prepaid accounts rule is a move in the right direction, NAFCU has stressed to the CFPB on several occasions that they should have adopted an extended implementation timeline from the outset,” said Hunt. “In addition, we remain disappointed that the rule – without substantial revision – would still fail to take into account credit unions’ unique structure and consumer-friendly reputation.”
The CFPB the proposed the six-month delay 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 newly proposed implementation date is April 1, 2018.
The CFPB’s prepaid rule creates new consumer protections for prepaid accounts under Regulations E and Z.
Last month, Hunt called for lawmakers to use the Congressional Review Act to unwind recent, regulation including the prepaid rule.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
