CFPB Issues Proposed Rules for Prepaid Products
On November 13, 2014, the Consumer Financial Protection Bureau (“CFPB”) proposed new rules for prepaid accounts, to be effectuated through amendments to the regulations implementing the Electronic Fund Transfer Act and the Truth in Lending Act (Regulation E and Regulation Z, respectively). The proposed rules can be accessed here. The CFPB’s press release regarding the proposed rules can be accessed here. Comments to the proposed rules must be submitted within 90 days of the date the proposed rules are published in the Federal Register. The proposed rules are a follow-up to the advanced notice of proposed rulemaking regarding prepaid cards issued by the CFPB in May 2012.
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