NBPCA's Statement on the CFPB Opening the Comment Period on Error Resolution Requirements

June 15, 2017

The following statement can be attributed to Brian Tate, VP of government affairs at the Network Branded Prepaid Card Association (NBPCA), on the CFPB opening the comment period on error resolution requirements:

“NBPCA is encouraged that the CFPB has listened to our members’ concerns by opening a new comment period and proposing amendments to its final rule in a variety of different areas, including the final rule’s requirements for unregistered cards.

 “We look forward to continuing to engage the bureau and recommend that they continue to address substantive issues with the final rule as outlined in our recent comment letter. We remain hopeful that the CFPB will continue to consider additional changes in the final rule, including a more limited definition of prepaid account, revised disclosure requirements, as well as further adjusting the implementation timeline as needed to address changes that could be made through this comment period.”