On January 25, 2018 the Consumer Financial Protection Bureau (CFPB) announced final updates to its 2016 prepaid rule. The changes extend the effective date of the rule by one year to April 2019.
The changes to Regulations E and Z:
- Adjust error resolution requirements; and
- Provide more flexibility concerning credit cards linked to digital wallets.
Read more:
- https://mycomplianceresource.com/prepaid-rule-lives-to-fight-another-day/
- https://mycomplianceresource.com/effective-date-of-prepaid-account-rule-delayed/
- https://mycomplianceresource.com/prepaid-rule-takes-a-much-needed-pause/
- https://mycomplianceresource.com/prepaid-accounts-just-got-kicked-up-to-the-consumer-protection-suite/
A copy of the 325 page final rule is available at: https://files.consumerfinance.gov/f/documents/cfpb_prepaid_final-rule_2018-amendments.pdf