March 10, 2017 – The Consumer Financial Protection Bureau (CFPB) announced late Thursday that it will consider extending for six months the effective date of its Prepaid Card Rule, a 1,689 page rule issued in October 2016.
“We appreciate the CFPB considering extending the effective date of the Prepaid Card Rule, but the underlying substance of the rule remains unchanged and will harm millions of underserved Americans,” said Scott Talbott, SVP of government affairs at ETA. “Innovation in prepaid products and services addresses the financial needs of our nation’s most vulnerable, and the CFPB’s rule will limit consumer access to such tools. ETA will continue to challenge regulatory overreach that harms innovation.”
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $5 trillion in purchases in the U.S. and deploying payments innovations to merchants and consumers. For more information, visit www.electran.org.