CFPB Pushes Back Prepaid Final Rule Release
The CFPB today announced in a blog post that it has updated its regulatory agenda, including the schedule for its final rule on prepaid accounts, which now is expected to be released in March 2016. The previous timeline for the final rule was January 2016. The bureau also gave updates on other initiatives, including arbitration, payday lending and overdraft, among others. Several lawmakers have expressed concern over the CFPB’s broad proposed rulemaking on prepaid, noting that consumers, including those that rely on overdraft and government benefits, may be harmed if the rules go too far.
Click here for the prepaid rulemaking timetable.