On November 13, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule to regulate prepaid accounts (the “Proposed Rule”). The Proposed Rule follows the CFPB’s May 2012 advance notice of proposed rulemaking (“ANPR”) on the same topic. The Proposed Rule would amend certain provisions in Regulation E and Regulation Z.

The CFPB has provided a 90-day comment period, which means that comments on the Proposed Rule will be due in mid-February 2015.