Changes ahead for prepaid rule, bureau declares; effective date to be extended again

Changes are coming next month to the final rule on prepaid accounts – in the meantime, the effective date of the rule will be extended, the Consumer Financial Protection Bureau (CFPB) said Thursday.

In a short statement, the bureau outlined its plans to amend the rule. “The Bureau expects to issue a final rule amending certain aspects of its 2016 rule governing prepaid accounts soon after the new year,” CFPB stated. It noted that it expects, “based on its review of the comments received, to further extend the effective date of the 2016 rule to allow additional time for implementation of the final rule.”

The agency noted that it had proposed changes to the rule in June, the comment period ended in August, and the record is now “closed for public input.”

CFPB Statement On Prepaid Rule