Comments will be due April 5 on extended prepaid rule effective date

Comments on a delayed effective date (to April 1, 2018) for a CFPB rule on prepaid accounts will be due April 5, as a result of a notice to be filed tomorrow in the Federal Register. The comment period will be three weeks (21 days) following the notice’s publication. The bureau is proposing the delayed effective date because, it states, “some industry participants believe they will have difficulty complying with certain provisions of the Prepaid Accounts Final Rule.” The bureau states that it wants to assess whether any additional adjustments to the rule are appropriate. The six-month extension, the bureau stated, would help assist industry participants in addressing certain “packaging-related” logistics for prepaids sold at retail locations.

Notice of request for public comment/extension of prepaid rule effective date