Skip to main content
Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

Buckley Sandler Insights: CFPB Releases Proposed Changes to Final Rule on Prepaid Accounts

Consumer Finance Prepaid Cards

Consumer Finance

On June 15, 2017, the Consumer Financial Protection Bureau (CFPB) released proposed changes (Proposal) to its final rule, published last November, which created consumer protections for prepaid accounts under Regulation E and Regulation Z (Final Rule). The CFPB is proposing these revisions because of feedback it received through its outreach to industry participants regarding the Final Rule combined with comments received in response to its effective date proposal (which was later finalized and which delayed the effective date by six months to April 1, 2018). Comments on the Proposal must be received by August 14, 2017.

The CFPB also released an updated version of its Small Entity Compliance Guide. The update reflects the effective date delay as well as other clarifications on the Final Rule. The update does not include any of the proposed changes included within the June 15, 2017 Proposal.

Click here to read the full post.