The Consumer Financial Protection Bureau delayed the effective date of final rules to enhance consumer protections for prepaid accounts by six months. The new effective date is April 1, 2018.
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Federal Reserve System Governor Jerome Powell described the challenges and policy objectives behind (i) the creation of a real-time retail payment system, (ii) the use of distributed ledger technology for clearing and settlement services, and (iii) the issuance of digital currencies by central banks.
The Consumer Financial Protection Bureau adopted a final rule to enhance consumer protections for prepaid accounts.
The Federal Financial Institutions Examination Council issued a new appendix, titled Mobile Financial Services, to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook.