NBPCA Statement on CFPB Delaying Prepaid Rule Effective Date

The following statement can be attributed to Brad Fauss, president and CEO of the Network Branded Prepaid Card Association (NBPCA), on the CFPB’s six-month extension of the effective date for the final prepaid account rule:

“NBPCA appreciates the CFPB for listening to our members’ concerns and giving providers an additional six months to comply with the nearly 1,700 page rule. Since the final rule was released last fall, NBPCA and its members have been in close contact with the Bureau, frequently meeting to highlight the challenges of a rushed implementation date, and the potential impacts to the industry and, most importantly, consumers.

“We are especially appreciative of the efforts of Representative Tipton (R-CO), Senator Rounds (R-SD), and dozens of other Members of Congress who have weighed in with their support for common-sense, balanced prepaid regulations which both encourage continued innovation and protect consumers. Ensuring consumers retain access to this important financial tool has been our main concern.

“We look forward to continuing our work with the Bureau to address our other substantive issues with the final rule during the upcoming notice-and-comment period.”