April 5, 2017 – Today FIN filed comments in response to the Consumer Financial Protection Bureau’s proposal to delay implementation of its new rule on prepaid cards.
The following statement is attributed to Brian Peters, Executive Director, Financial Innovation Now:
“FIN strongly supports the Bureau’s efforts to assess whether additional adjustments to the Prepaid Rule are appropriate, and we recommend an additional 12 month delay to ensure the Rule is more workable. Director Cordray today stated publicly that the Bureau is willing to address further changes to the Rule. Accordingly, FIN urges the Bureau to reconsider its one-size-fits-all approach to fee disclosures, which make little sense for digital wallets, especially when they are free. Digital wallets can help promote access to safe financial services, and we are hopeful the Prepaid Rule can be modified to be efficient, effective, and appropriately tailored, as suggested by the President’s recent Executive Order on financial regulation.”
FIN’s comments are available at the following link: http://financialinnovationnow.org/wp-content/uploads/2017/04/fin_response_to_prepaid_extension_4_5_17.pdf