CFPB Finalizes Delay of Prepaid Rule Effective Date

The Consumer Financial Protection Bureau today finalized a six-month extension of the effective date of its final rule on covered prepaid accounts. Originally scheduled to take effect on Oct. 1, it will now go into effect on April 1, 2018.

The bureau said it will also revisit two thorny implementation issues through a separate rulemaking process. These issues relate to linking credit cards to digital wallets capable of storing funds and error resolution and limits on liability for prepaid accounts that are not registered or cannot be registered.