United States:
Federal Register: CFPB Amends, Delays Effective Date Of Prepaid Rule
20 February 2018
Cadwalader, Wickersham & Taft LLP
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The finalized updates to the Consumer Financial Protection
Bureau ("CFPB") rule on prepaid card accounts (the
"Prepaid Rule") were published in the Federal Register.
As
previously covered, the Prepaid Rule is designed to implement
consumer protections on certain prepaid accounts subject to
Regulation E and
Regulation Z. The updates (i) adjust requirements for
resolving errors on unregistered accounts, (ii) create an exception
from certain credit provisions for linkages between prepaid account
and credit account issuers, and (iii) postpone the effective date
of the Prepaid Rule until April 1, 2019.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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