Financial Choice Act 2.0, Prepaid Rule and NCUA Approves MBL Rule
Lots going on in the compliance world today.
An updated Financial Choice Act was unveiled Thursday evening with major Dodd-Frank Act reforms and Durbin interchange amendment repeal. Hearing is set for April 26 at 10:00 a.m. (EST) so stay tuned….
The CFPB has delayed the final prepaid rule for six months so the new effective date is April 1, 2018. The CFPB has also decided to re-evaluate certain portions of the rule and will allow a comment period of 30 days once it is issued in the Federal Register. More to come shortly on this…
The NCUA at its board meeting this week finally approved the Illinois MBL rule. As you know, the League’s legislative advocacy group worked to revise the Illinois rule to provide parity with the NCUA’s rule finalized this past February.