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CFPB Extends Compliance Deadline For Prepaid To April 1, 2019

LexisNexis (May 3, 2018, 10:41 AM EDT) -- The financial services industry will be given an additional year to comply with the requirements of the CFPB's final rule that will regulate the prepaid card industry for the first time. In its January 25, 2018 press release, the CFPB explained its reasoning behind the extension: "The Bureau is sensitive to the concerns raised by commenters about needing more time to implement the rule, especially where they are making changes to packaging for prepaid cards sold in stores." The CFPB press release also announced the finalization...
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