CFPB seeks comments on proposed changes to its prepaid rule, which is scheduled to take effect April 1, 2018. The rule subjects prepaid accounts that access certain overdraft services or credit features to Regulation Z requirements by defining them as “credit cards.”
A 6-month delay of the CFPB’s prepaid accounts rule will not give card issuers and vendors adequate time to prepare, CUNA said, suggesting a 1-year delay the CFPB could use to examine ways to minimize potential unintended consequences.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
More than 300 credit union compliance professionals from 237 credit unions and more than 20 associations attended last week’s CUNA/NASCUS BSA Conference to get the latest information on BSA compliance from regulators, attorneys and other compliance professionals.