The CFPB and Dodd-Frank Could Face another Congressional Threat
Congressional Republicans hoping to hobble the CFPB and unwind the law that supports it, the Dodd-Frank Act, have another tool at their disposal.
CFPB prepaid accounts rule
U.S. Rep. Tipton Pushes for Longer CFPB Prepaid Rule Delay
The CFPB accepted comments on its proposed delay of the effective date for its final rule on prepaid accounts through April 5. Rep. Scott Tipton (R-Colo.) likes the idea of a delay so much, he’s proposing giving the industry even more time.
Will the CFPB’s Proposed Six-Month Effective Date Extension Be Enough?
In a Notice of Proposed Rulemaking, the CFPB proposed pushing back the effective date of the final prepaid accounts rule to April 1, 2018. The six-month delay provides industry participants more time to handle the difficulties of complying with certain provisions of the rule and for the CFPB to assess whether any additional adjustments to the rule are appropriate. Comments are due by April 5, 2017.
CFPB Proposes Delay, Potential Tweaks on Prepaid Rule
Prepaid stakeholders scrambling to meet the Oct. 1, 2017, effective date for the CFPB’s final rule on prepaid accounts can take a breath. The CFPB has proposed delaying the effective date by six months—and has signaled it might be open to tweaking some aspects of the rule.
Poll Results: Will the CFPB’s Prepaid Rule Be Repealed?
Congress is considering a joint resolution to repeal the rule, which was released last year. If that happens, what will be the result? Our readers respond.
Must-Reads of the Month: February
See what’s hot on Paybefore.com this month, including Global Cash Card’s win against onerous payroll card regulations in New York; the CFPB fending off attacks on multiple fronts; a new Blackhawk same-day rebates program; and more.
Consumer Groups Cry Foul as House Joins Senate Push for Prepaid Rule Repeal
The CFPB’s final prepaid rule is turning out to be unpopular with the current U.S. Congress: A U.S. representative has followed the lead of a Senate colleague and filed a joint resolution to repeal the rule, which has attracted criticism from industry groups since the agency released it last year. But consumer groups, who lobbied for the rules, are attacking the effort, arguing that it would put consumers at risk.
Can Sen. Perdue Undo CFPB Prepaid Accounts Rule?
For those disappointed that President Trump’s regulatory relief executive orders wouldn’t extend to prepaid providers—and others covered under the CFPB’s final prepaid accounts rule—Sen. David Perdue (R-Ga.) may be coming to the rescue. On Feb. 1, Sen. Perdue, along with six co-sponsors, introduced joint resolution 19 that provides “congressional disapproval” for the rule, and which says that “such rule shall have no force or effect.”
