Nacha News

Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability.

CFPB Proposes Prepaid Accounts Rule Effective Date Extension

On March 9, 2017, the CFPB issued a proposed rule with request for public comment that would delay the Oct. 1, 2017 effective date of the rule governing Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) (the Prepaid Accounts Final Rule) by six months.
The proposed rule is in response to industry concerns that prepaid industry participants will have difficulty complying with the rule by the Oct. 1, 2017 date. Comments on the proposal will be due 21 days after it is published in the Federal Register.

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