April 25, 2017
On April 20, 2017, the Consumer Financial Protection Bureau issued a final rule to delay the October 1, 2017 effective date of the prepaid accounts rule to April 1, 2018. The prepaid accounts rule, issued on October 5, 2016, creates comprehensive protections for prepaid accounts under Regulation E, the implementing regulation of the Electronic Fund Transfer Act, and Regulation Z, the implementing regulation of the Truth in Lending Act. The prepaid accounts rule also regulates overdraft credit features that may be offered in conjunction with prepaid accounts. Prepaid accounts are defined to include payroll card accounts, government benefit accounts, and certain other types of prepaid products.