The Consumer Financial Protection Bureau (CFPB) has finalized a six-month extension to the rule governing prepaid accounts. The CFPB indicated that this time will sufficiently allow the appropriate industry participants to implement the rule. In addition to finalizing the extension, the CFPB is revisiting two substantive issues in the rule. These include: (1) the linking of credit cards to digital wallets that are capable of storing funds, and (2) error resolution and limitations on liability for prepaid accounts that cannot be registered, have not yet been registered, or for which consumers have attempted but have not successfully completed the registration process.
The prepaid accounts rule will now take effect April 1, 2018.