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Comp Blog

CFPB to tackle prepaid cards & payday loans

By: Danielle Wright

CommentWednesday - March 26, 2014

Prepaid Cards

The CFPB has been working on an initiative to standardize the marketing and disclosure of prepaid cards, which have been rising in popularity. In May 2012, the Bureau released an Advanced Noticed of Proposed Rulemaking (ANPR) for prepaid cards. In response to this notice, CUNA submitted a comment letter to the CFPB, which is available here.  

While the Bureau has not yet finalized any rules for these products, it has been soliciting input on two model disclosures that is has designed. The CFPB has begun consumer testing of these model forms, so we invite credit unions currently offering prepaid cards to review these models and submit comments to the Bureau.  The CFPB says that we should expect a proposed regulation on prepaid cards in June, with further testing in the fall of this year.

Payday Loans

Now that CFPB has wrapped up its Congressionally-mandated mortgage rulemakings, it is moving on to its second-tier of regulatory issues. High on this list is establishing federal standards for payday lending. While this industry is regulated by some states, there are currently no payday standards on the federal books. CFPB has released two reports on payday lending; one in April 2013and another one just this week. The Bureau also held a field hearing on payday lending on Tuesday, March 25, 2014.  These actions indicate that an NPRM for payday is likely to drop soon. 

As you’ll recall, back in 2013, the NCUA released an ANPR, signaling its intent to amend the agency's 2010 Payday Alternative Loan (PAL). We’re thinking that NCUA may be delaying proposing amendments to the PAL program until the CFPB has finished its own payday rules, which are expected to be proposed later this year.






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