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CFPB Proposes Delay to April 2018 for Prepaid Rule Implementation
Friday, March 10, 2017 6:50 AM

The CFPB on Thursday proposed a six-month delay of its prepaid account rule's effective date, currently set for Oct. 1. 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. The new date is now April 1, 2018.

"We believe that delaying the effective date by six months will be sufficient for industry participants to ensure they can comply with the rule," said the CFPB's statement. "While we are not proposing to change any other part of the prepaid accounts rule at this time, we are asking the public to provide comments about any implementation challenges that may affect consumers, and how additional time will impact industry, consumers, and other stakeholders. If we determine that any substantive changes to the prepaid accounts rule are necessary and appropriate, we will issue a separate proposal and provide the public an opportunity to comment on those changes before finalizing."

Comments on the proposed delay will be due 21 days after the proposal's publication in the Federal Register.