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Volume XI, Number 336

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CFPB Extends Effective Date for Prepaid Accounts Rule

On April 20, 2017, the CFPB released a final rule to delay the effective date for certain provisions of the prepaid accounts final rule, from October 1, 2017, to April 1, 2018. We discussed the CFPB’s proposal to delay the effective date of the prepaid accounts final rule in a prior post.

In the final rule, the CFPB also indicated that it will revisit at least two substantive issues and will issue a separate proposal for notice and comment on these substantive issues in the coming weeks. Specifically, the CFPB will further consider: (i) “the linking of credit cards to digital wallets that are capable of storing funds”; and (ii) “error resolution and limitations on liability for prepaid accounts that cannot be registered, have not yet been registered, or for which consumers have attempted but have not successfully completed the registration process.” The CFPB also indicated that it will continue to evaluate other concerns related to the prepaid accounts rule and may address additional topics in the forthcoming proposed rule.

© 2021 Covington & Burling LLPNational Law Review, Volume VII, Number 111
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About this Author

Lucille C. Bartholomew, Covington Burling, Financial and litigation attorney
Associate

Lucille C. Bartholomew is an associate in the financial institutions group. Her practice focuses on assisting financial institutions with enforcement, compliance, and transactional matters.

Representative Matters

  • Representing financial institutions in connection with OCC, FDIC, Federal Reserve Board, SIGTARP, FTC, and CFPB investigations.
  • Representing financial institutions in conducting internal investigations, including for sales practices and anti-money laundering issues.
  • ...
202-662-5079
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