Posted June 10, 2014
The Consumer Financial Protection Bureau previously estimated that it would propose prepaid card rules in “the coming weeks,” projected for mid-June. However, after months of testing model disclosures with consumers around the country, Director Richard Cordray announced to the Senate Banking Committee that more time is needed and rules are now expected by end of summer. “It doesn’t indicate any particular problem about the rulemaking, just that it’s hard to work through some of these particular issues. We’re getting there and we’ll have something soon,” says Cordray. Last month, the Bureau pushed back its timeline for proposing several rules, including rules for overdraft fees and payday loans. NACHA Government Relations will continue to monitor developments.