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CFPB Proposes Fine-Tune Revisions To Prepaid Accounts Rule

LexisNexis (August 1, 2017, 1:34 PM EDT) -- On June 15, 2017, the CFPB released proposed revisions to fine-tune its final Prepaid Accounts Rule that was published in November 2016, with an effective date of April 1, 2018. The proposal can be found at http://files.consumerfinance.gov/f/documents20170615 cfpb NPRM Prepaid-Accounts-Amendments.pdf.  In its press release dated June 15, 2017, the CFPB summarizes the meteoric rise of prepaid accounts/cards and provides a summary of the two most significant proposed amendments, which will be codified as amendments to Regulations E and Z.

The meteoric rise of prepaid accounts.  The...
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