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.

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John Zasada is a principal with CLA and leads the firm’s financial institution regulatory compliance practice. He assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, training staff on regulations, and performing website compliance assessments. In addition, John is a frequent speaker at industry conferences and state associations. Prior to joining CLA, he served as managing director at a top-10 accounting firm and as the compliance officer of a large financial institution, where he developed and implemented its first regulatory compliance program.

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