June 15, 2017 – Today the Consumer Financial Protection Bureau announced proposed amendments to its rule on prepaid cards, including a number of substantive changes and potential further delay.
The following statement is attributed to Brian Peters, Executive Director, Financial Innovation Now:
“Financial Innovation Now is encouraged by the Bureau’s willingness to consider revisions to the prepaid rule, in particular its consideration of further delay. We are still reviewing the substance of the proposed amendments. FIN looks forward to further work with the Bureau.”
FIN has urged the Bureau to further delay implementation of the rule and sought greater flexibility for digital wallet disclosures to account for rapidly changing technology interfaces.