Statement from the NBPCA on the prepaid accounts rule effective date extension

December 22, 2017

In response to the latest update from the CFPB on the prepaid accounts rule, the Network Branded Prepaid Card Association released the following statement that can be attributed to Brian Tate, president and CEO:  

“We appreciate the CFPB providing an update on the status of the prepaid accounts rule and committing to extend the effective date. We continue to urge that the effective date be extended by 12 months to give prepaid providers adequate time to update products and make them available to customers. As we enter the final stage of the rulemaking process, we will continue to engage the bureau to try to ensure the final rule both protects consumers and preserves their continued access to prepaid accounts.”