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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.


Sen. Portman Calls for Dedicated Inspector General for CFPB

Senator Rob Portman introduced legislation calling for a CFPB inspector general to ensure robust oversight and accountability of the agency.


Embattled Cordray under Fire at House Committee Hearing

CFPB head Richard Cordray faced a barrage of criticism from Republican lawmakers over the bureau’s handling of several investigations—as well as calls for him to be fired or resign as director of the consumer protection watchdog.


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.


SEC Deals another Blow to Bitcoin Trading; ECB Says ‘No’ to Blockchain

The U.S. Securities and Exchange Commission denied the proposal of the NYSE Arca exchange to list and trade bitcoin like a stock. The exchange is one of the largest electronic communication networks in terms of shares traded.


The CFPB and Dodd-Frank Could Face another Congressional Threat

Congressional Republicans hoping to hobble the CFPB and unwind the law that supports it, the Dodd-Frank Act, have another tool at their disposal.


Mastercard Wins U.K. Approval for VocaLink Buy

The U.K.’s Competition and Markets Authority gave its blessing April 11, enabling Mastercard to complete its acquisition of 92.4 percent of VocaLink Holdings for $920 million. The deal, which is expected to close within weeks, gives Mastercard control of a large portion of the U.K. transaction processing market.