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Industry Associations and House Financial Services Request Extension on Prepaid Comments

Adam Rust's picture

Posted February 4, 2015

Two industry groups and a combined group of 13 Congressmen have asked for a sixty-day extension on the comment period for the proposed prepaid card rule-making.

The Congressmen all serve on the House Financial Services Committee. The list includes 10 Republicans and 3 Democrats:

  • Sean Duffy (WI)
  • Lynn Westmoreland (GA)
  • Scott Garrett (NJ)
  • Robert Pittenger (NC)
  • Sanford Bishop (GA)
  • Ann Wagner (MO)
  • Bill Huizenga (MI)
  • Gary Peters (MI)
  • Marlin Stutzman (IN)
  • David Scott (GA)
  • Blaine Luetkemeyer (MO)
  • Patrick Murphy (FL)
  • Randy Neugebauer (TX)

A joint comment has been submitted by the Network Branded Prepaid Card Association (NBPCA) and the Electronic Transactions Association (ETA). 

Both use the word "breadth" in asking for the extension and scope of the rule. This seems understandable, as the proposed rule runs for 870 pages. To some extent, both letters cite similar subject matter concerns. The Representatives mentioned the treatment of overdraft and credit and the model disclosure forms. The industry associations spoke of their surprise that so many types of payments cards would be captured under the notion of a prepaid account as well as the application of the Truth in Lending Act. 

As of now, the CFPB has not honored this request. Comments are due on March 27th, 93 days after the proposed rule's release to the public.