The Consumer Financial Protection Bureau (CFPB) proposed to delay the effective date of its prepaid accounts rule by six months from October 1, 2017 until April 1, 2018. The CFPB stated that the reason for the delay is to provide more time for the industry to comply with the rule. Also, the CFPB indicated that, at this time, they are not proposing to change any other sections of the rule other than extending the effective date.
Comments on the proposal are due 21 days after its publication in the Federal Register.
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