Contrary to industry expectations, the CFPB announced on Wednesday, June 11, 2014 that it would be delaying its prepaid card regulations until the end of the summer. The announcement came during a presentation by CFPB Director Richard Cordray to the Senate Banking Committee. The rule had been expected this month.
This follows a pattern of similar rulemaking delays from the Bureau, including planned pre-rulemaking activities on payday loans and deposit advances, which are now scheduled for September 2014. The CFPB’s pre-rulemaking activities on overdraft protection have been scheduled tentatively for February 2015.
A copy of the CFPB’s rulemaking agenda can be found here.