CFPB: Final Prepaid Rule Coming in January ‘16 (May 26, 2015)
The CFPB’s final rule for prepaid financial products will come in January 2016, according to the agency’s latest rulemaking timetable. The CFPB issued an 870-page proposed rule in November, which received more than 5,000 comments from industry stakeholders. The rule, which will govern prepaid products including GPR cards and certain mobile and digital wallets, is expected by many to be the next major step in the evolution of the industry.
