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CFPB to Delay Final Prepaid Rule by 6 Months, ‘Revisit’ Aspects with New Proposal

It’s official. The CFPB is pushing back the effective date of its final rule on prepaid accounts until April 1, 2018—six months after the originally scheduled implementation date of Oct. 1, 2017. What’s more, the agency has decided to “revisit at least two substantive issues” in the final rule: requirements for digital wallets that are capable of storing funds; and error resolution and liability limitations for prepaid accounts that cannot or have not yet been registered.


Unauthorized Transactions Vex Prepaid Consumers in Latest CFPB Report

Prepaid complaints to the CPFB hit 2,500 in 2016, accounting for about 0.9 percent of the 291,400 complaints in agency’s latest Consumer Response Annual Report.


FinCEN Issues FATF Advisory Update

FinCEN issued an advisory updating the FATF-identified jurisdictions with AML/CFT deficiencies. The advisory includes jurisdictions that are subject to the Financial Action Task Force’s call for countermeasures or are subject to enhanced due diligence because of their anti-money laundering/anti-terrorism financing deficiencies.


DOJ Asks to Present Oral Arguments in CFPB-PHH Hearing

The Department of Justice has requested 10 minutes to present its opinion on the CFPB leadership structure during the PHH Corp. v. CFPB hearing.

Pay Gov Newsletters


Pay Gov – April 2017, Vol. 11, Issue VII

In This Issue: Congress Pulls no Punches with Cordray; DOJ Wants the Floor in CFPB Case; Prepaid Complaints Drop 17 Percent; SEC Balks at Bitcoin; More


Pay Gov – April 2017, Vol. 11, Issue VI

In This Issue: Comments Due Today on CFPB Prepaid Rule Delay; Supreme Court Rules on Surcharges, Won’t Hear Interchange; Netspend Settles with FTC; More


Pay Gov – March 2017, Vol. 11, Issue V

In this issue: Will CFPB Prepaid Rule Delay Be Enough?; DOJ Weighs in on CFPB; Critics Blast OCC Fintech Charter; SEC Says No to Bitcoin; More


Pay Gov – March 2017, Vol. 11, Issue IV

In This Issue: CFPB Wins another Day in Court; Visa Settles Interchange Suit; Paycard Regs Revoked in N.Y.; Prepaid Complaints Drop; More

Pay Gov State Update


‘Mythbusting’ Payroll Cards

To coincide with the April 18 release of its first “Payroll Industry Scorecard,” CFSI is separating fact from fiction when it comes to payroll cards, which continue to face scrutiny by state regulators and the media.


Supreme Court Remands Texas Surcharge Case back to 5th Circuit

The case of Texas retailers challenging the constitutionality of a state law prohibiting surcharge fees for credit card transactions was remanded in light of the Supreme Court’s recent decision in favor of merchants in a similar case involving a surcharge statute in New York.


States Square off in Fight over CFPB Leadership Structure

The states weigh in on the CFPB leadership structure with two amicus briefs. A group of 17 states, plus the District of Columbia, has sided with the agency as it fights a court ruling that says the president should have the authority to fire the head of the CFPB. Meanwhile, 15 other states have taken an opposing stance.


Supreme Court Finds N.Y. Surcharge Laws Regulate Speech

The Supreme Court issued a unanimous decision finding that a New York law prohibiting merchants from disclosing surcharges to cover the costs of credit card processing while allowing for discounts in the case of cash transactions regulated speech