NBPCA's Statement on the CFPB’s Prepaid Rule Delay

January 25, 2018

The following statement can be attributed to Brian Tate, president and CEO of the Network Branded Prepaid Card Association (NBPCA), on the changes to the prepaid accounts rule, as released by the Consumer Financial Protection Bureau (CFPB) today.

“By making adjustments to the prepaid accounts rule, including providing additional time for compliance, the CFPB has taken a step to protect consumer access to prepaid products. NBPCA and its members have long advocated for regulations that protect consumers while also preserving access to prepaid accounts. After a nearly six-year-long rulemaking process, the prepaid industry can hopefully now focus on serving everyday Americans with the high-quality, innovative products and outstanding service on which they have come to rely. The NBPCA looks forward to working with the CFPB and industry stakeholders to make sure the changes to the Final Rule are implemented in a thoughtful manner that benefits consumers by causing as little disruption as possible.”