ATPC Statement on CFPB Extension of Effective Date Regarding Final Rule for Prepaid Accounts

H. West Richards, Executive Director of the American Transaction Processors Coalition (ATPC), released the following statement regarding the Consumer Financial Protection Bureau’s delay in issuing its Final Rule for Prepaid Accounts:

“We welcome the Consumer Financial Protection Bureau’s announcement that it has delayed issuance of its Final Rule for Prepaid Accounts until April 1, 2019.

“Having this additional time for the agency to hear from all stakeholders is critical to assuring that, even as the security of electronic payments is assured, hundreds of millions of American consumers are not subjected to unnecessarily burdensome regulations that would make businesses and consumers poorer, and only enrich lawyers handling the litigation.

“During this additional period of examination and reflection, we will continue to analyze the latest draft of that rule with an eye toward assuring the greatest degree of security for online transactions – the vast majority of which flow through Georgia’s “Transaction Alley” – with the least possible cost and other burdens.

“In that regard, we will work with NBPCA and other parties to share concerns and, as necessary, develop potential alternatives and offer them to CFPB. Many of the changes already incorporated into the rule during its evolution have emerged from such collaborative efforts.”