Update:

Extension of Prepaid Accounts rule

The Bureau of Consumer Financial Protection previously announced a final rule delaying by six months the general effective date of the BCFP rule governing prepaid accounts. The rule was to take effect on April 1, 2018.

However, on January 25, 2018, the BCFP announced changes to its 2016 Prepaid Accounts Rule (Final Rule). The changes include extending the overall effective date of the rule to April 1, 2019.

Previous Description

Prepaid Accounts under the Electronic Fund Transfer Act/Regulation E and the Truth In Lending Act/Regulation Z (BCFP): The prepaid rule generally applies to prepaid accounts starting Oct. 1, 2017, though the requirement for submitting agreements to the BCFP takes effect in October 2018. The final rule includes other accommodations in certain situations. For more information visit the BCFP’s implementation page on the prepaid rule, here.