December 21, 2017 / 10:16 PM / in a year

U.S. Consumer Bureau delays implementing 2016 prepaid card rule

WASHINGTON (Reuters) - A U.S. federal regulator announced Thursday it was delaying implementation of a 2016 regulation governing prepaid accounts, citing a need for more time to implement the rule.

The Consumer Financial Protection Bureau said that comments it received regarding the rule indicated a need to delay its implementation.

The CFPB sought additional comments on the 2016 regulation in June as it sought adjustments to the regulation. The rule would require greater disclosures and overdraft limits for the cards that are frequently used in place of paychecks.

The CFPB expects to issue a finalized version of the rule “after the new year,” but did not specify when it would go into effect. The regulator has recently come under the control of the Trump administration, following the November resignation of its prior director, Richard Cordray.

Reporting by Pete Schroeder; Editing by Nick Zieminski

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