NBPCA's Statement Regarding Concerns with the Final CFPB Prepaid Account Rule
February 22, 2017
With respect to the CFPB’s final rule on prepaid accounts, the prepaid industry has significant concerns with the extremely short implementation period for such a lengthy and complex 1,689-page rule. The industry also has serious concerns with new requirements in the final rule that may limit or eliminate certain prepaid products and features that are currently offered in the market today, and which may limit the development of new and innovative, consumer-friendly products and features in the future. The NBPCA and the industry have diligently worked with the Bureau to highlight the issues in the rule that will lead to decreased consumer access to beneficial prepaid products and features, and the need for a meaningful extension to the less than one-year implementation period. We remain hopeful that the Bureau will correct the serious deficiencies in the rule, and our members appreciate congressional efforts to highlight and address the rule's substantial shortcomings. The NBPCA stands ready to work with the Bureau to fix the rule, and remains strongly supportive of balanced Federal regulation that both protects consumers and maintains the continued availability of the prepaid products and features that consumers strongly desire.