WASHINGTON, D.C. – JANUARY 25, 2018 – The following statement can be attributed to Jason Oxman, CEO of the Electronic Transactions Association (ETA):
“We applaud the leadership of the CFPB in extending the overall effective date of the prepaid rule. The extension of the overall effective date to 2019, as requested by ETA, allows the industry needed time to address concerns and challenges regarding the structure and implementation of the rule. We also applaud the Bureau for addressing substantive portions of the prepaid rule that would have severely constrained the ability of prepaid providers to offer innovative financial products to the millions of Americans who need them most.”
“Prepaid debit cards are an important tool for unbanked and underbanked Americans to access affordable financial services, which boost job creation, raise income and reduce vulnerability to theft. ETA supports a balanced regulatory approach that supports access and innovation for prepaid products and other financial services.”
To view the CFPB’s final rule, click here.