Tipton Applauds Delay in Implementation Date of Consumer Financial Protection Bureau's Prepaid Card Rule

Statement

Congressman Scott Tipton (CO-03) made the following statement after the Consumer Financial Protection Bureau (CFPB) announced changes to its Prepaid Card rule, including an extension in the effective date of these changes.

"I am glad to see the CFPB has reviewed its Prepaid Card rule and has agreed to delay the rule's implementation date. As prepaid accounts are one of the quickest growing financial products in the nation, necessary safeguards allowing for consumer satisfaction and protection must be put into place. However, whenever new rules are implemented, it is also vital to give financial service providers adequate time to comply. This is particularly true for smaller institutions, which do not have the same number of staff and resources as larger operations. That is why Senator Rounds and I recently wrote a letter to Acting Director Mulvaney requesting that the Bureau extend the rule's effective date to April 1, 2019. I am pleased that Director Mulvaney agrees that the rule's effective date should be delayed, and I thank him for his strong leadership."

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