The following statement can be attributed to Brian Tate, President and CEO of the Innovative Payments Association (IPA), on the April 1st effective date for the Consumer Financial Protection Bureau’s (CFPB) final rule for prepaid accounts:
“Since 2012 the prepaid community has engaged the CFPB in good faith to try to ensure the final rules protect consumers while continuing to foster innovations that allow customers to better manage their financial lives. The April 1st effective date for the prepaid accounts rule officially extends consumer protections to all prepaid based payment platforms like wallets and P2P products and will consider them as full-fledged bank accounts. It is important to keep in mind that the prepaid community was providing consumer protections years before the regulations were finalized. We encourage the Bureau to make sure their rules continue to keep pace with the innovation in the payments sector to make sure that all consumers have the opportunity to take advantage of the empowering opportunities created by prepaid accounts. The innovative prepaid community looks forward to working with policymakers to continue cultivating financial inclusion and consumer empowerment.”
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