The Consumer Financial Protection Bureau said Thursday that it will delay implementation of its prepaid rule and will consider new changes to the regulation before it goes into effect.
Moments after the CFPB had said it would
The announcement was a further sign that acting CFPB Director Mick Mulvaney will seek to overhaul rules that had been issued under former CFPB Director Richard Cordray. The prepaid rule had been finalized in 2016, but implementation had already been
“The bureau expects to issue a final rule amending certain aspects of its 2016 rule governing prepaid accounts soon after the new year," the CFPB said. "As part of that process, the bureau expects, based on its review of the comments received, to further extend the effective date of the 2016 rule to allow additional time for implementation of the final rule."
Republicans have
Under Mulvaney, the CFPB has several tools it can use to stop a regulation from being implemented, including reopening a rulemaking or delaying its effective date.
But the prepaid rule was already subject to interruptions under Cordray. In June, the CFPB proposed making changes to the prepaid rule to resolve errors for unregistered accounts and for traditional credit card accounts linked to prepaid cards. The comment period on that proposal ended in August and is closed for public input.
In March, Cordray
