Mulvaney Sends Notice of Prepaid Rule Extension to Tipton and Rounds

February 14, 2018

Consumer Financial Protection Bureau acting Director Mick Mulvaney sent a letter confirming the extension date of the prepaid rule to Senator Michael Rounds, R-S.D., and Congressman Scott Tipton, R-Col., on Wednesday.

The letter thanked them for their input on the rule and said that the Bureau extended the effective date of the Prepaid Accounts rule by one year to April 2019.

The NBPCA has previously thanked Rep. Tipton and Sen. Rounds for their support for extending the Effective Date.  Outreach to Tipton, Rounds, and their colleagues on Capitol Hill was part of the NBPCA's multi-faceted strategy to achieve an extension of the Final Rule's Effective Date.  Lastly, and most importantly, the NBPCA would like to again thank all of our members who were actively engaged the throughout the rulemaking process, including direct outreach to Congress and the CFPB.