Comments due on CFPB Prepaid Rule delay proposal

The CFPB has announced a proposal to delay for six months the effective date of its final rule governing prepaid accounts. The Bureau indicated it has learned that some industry participants believe they will have difficulty complying with certain provisions of the rule by the current October 1, 2017, effective date. The CFPB is requesting comments about any implementation challenges that may affect consumers, and how additional time will impact industry, consumers, and other stakeholders. Comments will be due 21 days after the request is published in the Federal Register.

Update: Published at 82 FR 13782 on March 15, 2017. Comments due by April 5, 2017.