CFPB Proposes Delayed Effective Date of Prepaid Accounts Rule, Releases Short-Form Disclosure Guide

On March 9, 2017, the Consumer Financial Protection Bureau (Bureau or CFPB) announced in a blog post a proposal to delay the effective date of the final rule on prepaid accounts (Final Rule) for six months to April 1, 2018. The Bureau also released, earlier this week, a guide for preparing the short-form disclosure required under the Final Rule.

PROPOSAL TO DELAY EFFECTIVE DATE OF THE FINAL RULE -

According to the blog post announcing the proposed delay, the Bureau “want[s] the rule to become effective as soon as possible”; however, 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 Bureau believes that “delaying the effective date by six months will be sufficient for industry participants to ensure they can comply with the rule.”

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