CFPB Seeks Comment on Proposed Changes to Prepaid Final Rule

June 20, 2017 – The Consumer Financial Protection Bureau (CFPB) is seeking comment on proposed updates to its prepaid rule.  The prepaid final rule, issued in 2016, required financial institutions to limit consumers’ losses when funds were stolen or card were lost, investigate and resolve errors, give consumers free and easy access to account information, and provide protections if credit is offered.  The proposal would adjust requirements for resolving errors on unregistered accounts and provide greater flexibility for credit cards linked to digital wallets. 

The proposal can be found here and comments are due to the CFPB within 45 days of the proposal’s publication in the Federal Register.