Shearman & Sterling LLP | FinReg | US Consumer Financial Protection Bureau Issues Rulemaking Agenda; Delays Issuance of Prepaid Card Rule
Financial Regulatory Developments Focus
This links to the home page
Financial Regulatory Developments Focus
FILTERS
RECENT POSTS
UK Regulators Consult on Digital Securities Sandbox
Bank of England Consults on Revisions to Statement of Policy on Enforcement
UK Conduct Regulator Proposes Payment Optionality for Investment Research

  • US Consumer Financial Protection Bureau Issues Rulemaking Agenda; Delays Issuance of Prepaid Card Rule
    05/18/2016

    The Consumer Financial Protection Bureau issued a semiannual update of its rulemaking agenda which provides an overview of the agency’s major current initiatives. Among other initiatives, the CFPB notes that it expects to issue a final rule this summer to create a comprehensive set of consumer protections for prepaid financial products, such as general purpose reloadable cards and other similar products. The CFPB issued a proposed rule in November 2014 to bring prepaid products expressly within the realm of the Electronic Fund Transfer Act and its implementing Regulation E as prepaid accounts and to create new provisions specific to such accounts. The agency also proposed to amend Regulation E and Regulation Z (which implements the Truth in Lending Act) to regulate prepaid accounts with overdraft services or credit features. The CFPB had previously announced Spring 2016 for the release of the final prepaid account rule, but the current rulemaking agenda now lists July 2016.

    View the CFPB's Spring rule making agenda.

    View the proposed rule. 
    TOPIC: Consumer Protection