CFPB Proposes to Delay Prepaid Accounts Rule
On March 9th the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to delay the effective date of the prepaid accounts rule. Due to feedback from the industry, the CFPB felt that it would be too burdensome on financial institutions to comply by the October 1, 2017 deadline. Consequently, the CFPB is proposing to push that compliance date back 6 months. The CFPB is leaving open whether other changes could be made to the prepaid accounts rule. Any other potential changes would be issued via a separate proposed rule.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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