The CFPB has announced that its much anticipated Final Rule on Prepaid Card Accounts is now expected to be released in March 2016. Previously, the Rule was projected for release in January. The updated timeline was announced in the Fall 2015 Unified Agenda covering federal regulatory actions, maintained by the Office of Management and Budget. The previously anticipated January release date was based on the CFPB’s Spring 2015 Agenda.
The proposed rule, released in November 2014 (Docket No. CFPB-2014-0031), would create new federal consumer protections under Regulations E (covering electronic fund transfers) and Z (Truth in Lending) that would apply, at least in part, to the vast majority of network branded prepaid products. Comments to the proposal were due last March.