CFPB Gives Cos. More Time To Comply With Prepaid Rule

Law360, New York (January 25, 2018, 1:14 PM EST) -- The Consumer Financial Protection Bureau on Thursday gave prepaid card issuers an additional year to comply with rules that increase disclosures and other protections on those cards, and said that companies would only have to correct errors on prepaid cards where users' identities had been verified.

The change to the error correction identity verification requirements and other technical changes in the 2016 rule that were finalized Thursday largely match a proposal that the CFPB released in June under the leadership of its former director, Richard Cordray, that did not raise significant concerns from consumer advocates, according to the regulatory text....

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