82 FR 13782 - Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z); Delay of Effective Date

BUREAU OF CONSUMER FINANCIAL PROTECTION

Federal Register Volume 82, Issue 49 (March 15, 2017)

The Bureau of Consumer Financial Protection (Bureau or CFPB) is proposing to delay the October 1, 2017 effective date of the rule governing Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) by six months, to April 1, 2018.

[Federal Register Volume 82, Number 49 (Wednesday, March 15, 2017)]
[Proposed Rules]
[Pages 13782-13785]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-05060]



[[Page 13782]]

=======================================================================
-----------------------------------------------------------------------

BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Parts 1005 and 1026

[Docket No. CFPB-2017-0008]
RIN 3170-AA69


Prepaid Accounts Under the Electronic Fund Transfer Act 
(Regulation E) and the Truth in Lending Act (Regulation Z); Delay of 
Effective Date

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Proposed rule with request for public comment.

-----------------------------------------------------------------------

SUMMARY: The Bureau of Consumer Financial Protection (Bureau or CFPB) 
is proposing to delay the October 1, 2017 effective date of the rule 
governing Prepaid Accounts Under the Electronic Fund Transfer Act 
(Regulation E) and the Truth in Lending Act (Regulation Z) by six 
months, to April 1, 2018.

DATES: Comments must be received on or before April 5, 2017.

ADDRESSES: You may submit comments, identified by Docket No. CFPB-2017-
0008 or RIN 3170-AA69, by any of the following methods:
     Email: [email protected]. Include Docket 
No. CFPB-2017-0008 or RIN 3170-AA69 in the subject line of the email.
     Electronic: http://www.regulations.gov. Follow the 
instructions for submitting comments.
     Mail: Monica Jackson, Office of the Executive Secretary, 
Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 
20552.
     Hand Delivery/Courier: Monica Jackson, Office of the 
Executive Secretary, Consumer Financial Protection Bureau, 1275 First 
Street NE., Washington, DC 20002.
    Instructions: All submissions should include the agency name and 
docket number or Regulatory Information Number (RIN) for this 
rulemaking. Because paper mail in the Washington, DC area and at the 
Bureau is subject to delay, commenters are encouraged to submit 
comments electronically. In general, all comments received will be 
posted without change to http://www.regulations.gov. In addition, 
comments will be available for public inspection and copying at 1275 
First Street NE., Washington, DC 20002, on official business days 
between the hours of 10 a.m. and 5 p.m. Eastern Time. You can make an 
appointment to inspect the documents by telephoning (202) 435-7275.
    All comments, including attachments and other supporting materials, 
will become part of the public record and subject to public disclosure. 
Sensitive personal information, such as account numbers or Social 
Security numbers, should not be included. Comments will not be edited 
to remove any identifying or contact information.

FOR FURTHER INFORMATION CONTACT: Thomas L. Devlin or Yaritza Velez, 
Counsels, or Kristine M. Andreassen, Senior Counsel, Office of 
Regulations, at (202) 435-7700.

SUPPLEMENTARY INFORMATION:

I. Summary of the Proposed Rule

    On October 5, 2016, the Bureau released a final rule to create 
comprehensive consumer protections for prepaid accounts under 
Regulation E, which implements the Electronic Fund Transfer Act (EFTA), 
and Regulation Z, which implements the Truth in Lending Act (TILA) 
(Prepaid Accounts Final Rule).\1\ The Prepaid Accounts Final Rule has 
an effective date of October 1, 2017. Through its efforts to support 
industry implementation of the Prepaid Accounts Final Rule, the Bureau 
has learned that some industry participants believe they will have 
difficulty complying with certain provisions of the Prepaid Accounts 
Final Rule that go into effect October 1, 2017. In order to facilitate 
compliance with the Prepaid Accounts Final Rule, and to allow an 
opportunity for the Bureau to assess whether any additional adjustments 
to the Rule are appropriate, the Bureau is proposing to extend the 
effective date of the Prepaid Accounts Final Rule by six months, to 
April 1, 2018. The Bureau believes that such an extension would, among 
other things, help industry participants address certain packaging-
related logistical issues for prepaid accounts that are sold at retail 
locations.
---------------------------------------------------------------------------

    \1\ 81 FR 83934 (Nov. 22, 2016).
---------------------------------------------------------------------------

    This proposed rule seeks comment on whether the Bureau should 
extend the effective date of the Prepaid Accounts Final Rule, and if 
so, whether six months is an appropriate length of time for such an 
extension. The Bureau is also proposing to make conforming amendments 
to certain regulatory text and commentary adopted in the Prepaid 
Accounts Final Rule to reflect the proposed effective date delay.

II. Background

A. The Prepaid Accounts Rulemaking

    In the Prepaid Accounts Final Rule, the Bureau extended Regulation 
E coverage to prepaid accounts and adopted provisions specific to such 
accounts, and generally expanded Regulation Z's coverage to overdraft 
credit features that may be offered in conjunction with prepaid 
accounts.\2\ The Bureau released a proposal regarding prepaid accounts 
under Regulations E and Z, including model and sample disclosure forms, 
for public comment on November 13, 2014,\3\ and released the Prepaid 
Accounts Final Rule on October 5, 2016.
---------------------------------------------------------------------------

    \2\ 81 FR 83934 (Nov. 22, 2016).
    \3\ 79 FR 77102 (Dec. 23, 2014) (Prepaid Accounts NPRM). See 
also Press Release, CFPB, CFPB Proposes Strong Federal Protections 
for Prepaid Products (Nov. 13, 2014), available at https://www.consumerfinance.gov/about-us/newsroom/cfpb-proposes-strong-federal-protections-for-prepaid-products/. The Bureau had previously 
issued an advance notice of proposed rulemaking that posed a series 
of questions for public comment about how the Bureau might consider 
regulating general purpose reloadable cards and other prepaid 
products. 77 FR 30923 (May 24, 2012).
---------------------------------------------------------------------------

    Upon issuing the Prepaid Accounts Final Rule, the Bureau initiated 
robust efforts to support industry implementation.\4\ Information 
regarding the Bureau's Prepaid Accounts Final Rule implementation 
initiatives and available resources can be found on the Bureau's 
regulatory implementation Web site at https://www.consumerfinance.gov/policy-compliance/guidance/implementation-guidance/prepaid-rule/.
---------------------------------------------------------------------------

    \4\ These on-going efforts include: (1) The publication of a 
plain-language small entity compliance guide to help industry 
understand the Prepaid Accounts Final Rule; (2) the publication of 
various other implementation tools regarding the Prepaid Accounts 
Final Rule, including an executive summary of the rule, summaries of 
key changes for payroll card accounts and government benefit 
accounts, a prepaid account coverage chart, and a summary of the 
rule's effective date provisions; (3) the release of native design 
files for print and source code for web-based disclosures for all of 
the model and sample disclosure forms included in the Prepaid 
Accounts Final Rule; (4) meetings with industry, including trade 
associations and individual industry participants, to discuss and 
support their implementation efforts; and (5) participation in 
conferences and forums.
---------------------------------------------------------------------------

B. Proposed Effective Date

    As published, the Prepaid Accounts Final Rule has a general 
effective date of October 1, 2017. As part of its efforts to support 
industry implementation, the Bureau has discussed implementation 
efforts with a number of industry participants. As a result of those 
discussions, the Bureau has learned that some industry participants are 
concerned that they will have difficulty in complying with the Prepaid 
Accounts Final Rule while also ensuring continued availability of their 
prepaid products and with minimal disruption to consumers by October 1, 
2017 for a variety of reasons. For example, the Bureau put in place an 
exception in Regulation E Sec.  1005.18(h)(2) pursuant to which 
financial institutions are not

[[Page 13783]]

required to pull and replace prepaid account access devices and 
packaging materials with non-compliant disclosures that were produced 
in the normal course of business prior to October 1, 2017. Nonetheless, 
the Bureau understands that because of concerns about legal and 
regulatory exposure at both the Federal and State level due to 
potential product changes, and in particular due to developments 
following release of the Prepaid Accounts Final Rule, some industry 
participants believe that they should in fact pull and replace non-
compliant packaging. Industry has also raised related concerns 
regarding the production capacity of packaging manufacturers and other 
supply chain limitations leading up to the October 1, 2017 effective 
date due to increased demand by industry on a limited number of 
manufacturers.
    In addition, in the course of working to implement the Prepaid 
Accounts Final Rule, some industry participants have raised concerns 
about what they describe as unanticipated complexities arising from the 
interaction of certain aspects of the rule with certain business models 
and practices (including recent changes thereto) that they did not 
fully address in their comment letters on the Prepaid Accounts NPRM, 
which may lead to additional complexities for implementation and 
negative implications for consumers.
    The Bureau continues to believe that the Prepaid Accounts Final 
Rule will provide significant benefits to consumers and that, 
therefore, expeditious implementation remains essential to provide 
comprehensive consumer protections to users of prepaid accounts. The 
Bureau also appreciates the concerns raised by some industry 
participants that they may have difficulty in complying with the rule 
by October 1, 2017. Accordingly, for the reasons stated herein, the 
Bureau is proposing to delay the effective date of the Prepaid Accounts 
Final Rule for a period of six months, to April 1, 2018. In order to 
effect this change, the Bureau is also proposing to amend Regulation E 
Sec. Sec.  1005.18(b)(2)(ix) and (h), and 1005.19(f)(1), and related 
commentary, to reflect the delayed effective date.
    Furthermore, delaying the effective date will allow the Bureau to 
more closely evaluate concerns raised by industry participants 
regarding certain substantive aspects of the Prepaid Accounts Final 
Rule that they assert are posing particular complexities for 
implementation or may have negative consequences for consumers that 
were not anticipated or fully explained by commenters in response to 
the Prepaid Accounts NPRM, and to propose revisions to those provisions 
of the Prepaid Accounts Final Rule if it determines that amendments are 
necessary and appropriate.
    The Bureau believes that, based on its initial outreach to 
industry, a six-month delay would be sufficient for industry 
participants to ensure that they can comply with the Prepaid Accounts 
Final Rule with minimal disruption to consumers. In particular, a six-
month extension would both allow more time for package printing and 
allow pull-and-replace processes at retail locations to occur after the 
winter holiday season, which is a particularly busy time for retailers. 
Indeed, the Bureau understands that industry often effectuates pull-
and-replace processes in the spring for precisely this reason. The 
Bureau also believes that a six-month delay will allow the Bureau 
adequate opportunity to consider possible additional amendments to the 
Prepaid Accounts Final Rule, and for industry to implement any such 
changes, without unnecessary disruption to consumers' access to, and 
use of, prepaid accounts.
    The Bureau solicits comment on whether it should delay the 
effective date for the Prepaid Accounts Final Rule, and if so, whether 
six months is an appropriate length of time. The Bureau also solicits 
comment on the potential consequences of not extending the effective 
date. In particular, the Bureau asks commenters to provide specific 
detail and any available data regarding current and planned practices, 
as well as relevant knowledge and specific facts about any benefits, 
costs, or other impacts of this proposal on industry, consumers, and 
other stakeholders. Finally, the Bureau solicits comment about the 
impact of the proposed delay on consumers who use prepaid accounts.
    The Bureau is not proposing to delay the effective date of the 
requirement to submit prepaid account agreements to the Bureau in 
Regulation E Sec.  1005.19(f)(2), which is October 1, 2018. The Bureau 
expects to have its agreement submission process in place by October 1, 
2018, and the Bureau's outreach has not indicated that industry 
participants are concerned that they will not be able to meet the 
agreement submission effective date. The Bureau nonetheless solicits 
comment on whether it should delay the effective date of the agreement 
submission requirement, and if so, for what length of time.
    The Bureau is not proposing to amend any substantive requirements 
of the Prepaid Accounts Final Rule at this time. The purpose of this 
notice is not to seek comment generally on policy decisions made in the 
Prepaid Accounts Final Rule that industry or other stakeholders might 
wish the Bureau to reconsider. The Bureau will continue its outreach to 
industry and other stakeholders to understand their experiences in 
implementing the Prepaid Accounts Final Rule. If the Bureau determines 
that amendments to the substantive provisions of the Prepaid Accounts 
Final Rule are warranted, it will do so through a separate rulemaking.

III. Legal Authority

    The Bureau is proposing to exercise its rulemaking authority 
pursuant to EFTA section 904(a) and (c), Dodd-Frank Act sections 
1022(b)(1) and 1032(a), and TILA section 105(a) to delay the effective 
date of the Prepaid Accounts Final Rule.
    The legal authority for the Prepaid Accounts Final Rule is 
described in detail in the Prepaid Accounts Final Rule's Supplementary 
Information.\5\ As amended by the Dodd-Frank Act, EFTA section 904(a) 
and (c) \6\ authorizes the Bureau to prescribe regulations to carry out 
the purposes of EFTA and provides that such regulations may contain 
such classifications, differentiations, or other provisions, and may 
provide for such adjustments and exceptions, for any class of 
electronic fund transfers or remittance transfers as in the judgment of 
the Bureau are necessary or proper to effectuate the purposes of EFTA, 
to prevent circumvention or evasion thereof, or to facilitate 
compliance therewith. As amended by the Dodd-Frank Act, TILA section 
105(a) \7\ directs the Bureau to prescribe regulations to carry out the 
purposes of TILA and provides that such regulations may contain such 
additional requirements, classifications, differentiations, or other 
provisions, and may provide for such adjustments and exceptions for all 
or any class of transactions as in the judgment of the Bureau are 
necessary or proper to effectuate the purposes of TILA, to prevent 
circumvention or evasion thereof, or to facilitate compliance 
therewith.\8\ Section 1032(a)

[[Page 13784]]

of the Dodd-Frank Act \9\ provides that the Bureau may prescribe rules 
to ensure that the features of any consumer financial product or 
service, both initially and over the term of the product or service, 
are fully, accurately, and effectively disclosed to consumers in a 
manner that permits consumers to understand the costs, benefits, and 
risks associated with the product or service, in light of the facts and 
circumstances. Additionally, under Dodd-Frank Act section 
1022(b)(1),\10\ the Bureau has general authority to prescribe rules as 
may be necessary or appropriate to enable the Bureau to administer and 
carry out the purposes and objectives of the Federal consumer financial 
laws, and to prevent evasions thereof. EFTA, TILA, and Title X of the 
Dodd-Frank Act are Federal consumer financial laws. Accordingly, in 
proposing this rule, the Bureau is exercising its authority under Dodd-
Frank Act section 1022(b) \11\ to prescribe rules under EFTA, TILA, and 
Title X of the Dodd-Frank Act that carry out the purposes and 
objectives and prevent evasion of those laws. Section 1022(b)(2) of the 
Dodd-Frank Act \12\ prescribes certain standards for rulemaking that 
the Bureau must follow in exercising its authority under section 
1022(b)(1).
---------------------------------------------------------------------------

    \5\ See, e.g., 81 FR 83934, 83958-60 (Nov. 22, 2016).
    \6\ 15 U.S.C. 1593b(a).
    \7\ 15 U.S.C. 1604(a).
    \8\ TILA section 105(d) generally provides that a regulation 
requiring any disclosure that differs from the disclosures 
previously required by parts A, D, or E of TILA shall have an 
effective date ``of that October 1 which follows by at least six 
months the date of promulgation.'' Section 105(d) further provides 
that the Bureau ``may at its discretion take interim action by 
regulation, amendment, or interpretation to lengthen the period of 
time permitted for creditors or lessors to adjust their forms to 
accommodate new requirements.'' Although the Bureau desires to have 
the rule take effect as soon as feasible given its value for 
consumers, the Bureau is proposing to use its discretion under TILA 
section 105(d) to lengthen the period in this instance. The Bureau 
believes the changes the Prepaid Accounts Final Rule will require to 
disclosures pursuant to Regulation Z warrant a delayed effective 
date that conforms to the rest of the rule.
    \9\ 12 U.S.C. 5532(a).
    \10\ 12 U.S.C. 5512(b)(1).
    \11\ 12 U.S.C. 5512(b).
    \12\ 12 U.S.C. 5512(b)(2).
---------------------------------------------------------------------------

IV. Provisions Affected by the Proposal

1005.18 Requirements for Financial Institutions Offering Prepaid 
Accounts

18(b) Pre-Acquisition Disclosure Requirements

18(b)(2) Short Form Disclosure Content

18(b)(2)(ix) Disclosure of Additional Fee Types

    Regulation E Sec.  1005.18(b)(2) describes the short form 
disclosure requirements for prepaid accounts. Section 1005.18(b)(2)(ix) 
contains requirements specifically regarding additional fee types. 
Section 1005.18(b)(2)(ix)(D) describes the timing requirements for the 
initial assessment of an additional fee types disclosure, and Sec.  
1005.18(b)(2)(ix)(E) describes the timing for the periodic reassessment 
and update of additional fee types disclosures. The Bureau is proposing 
to revise the dates in the regulatory text and headings in Sec.  
1005.18(b)(2)(ix)(D)(1) through (3) and in comments 18(b)(2)(ix)(D)(1)-
1, 18(b)(2)(ix)(D)(2)-1, 18(b)(2)(ix)(E)(2)-1.i through iii, and 
18(b)(2)(ix)(E)(3)-1 to reflect the proposed revised effective date of 
April 1, 2018. The Bureau is not, however, proposing to change the 
October 1, 2014 date in Sec.  1005.18(b)(2)(ix)(D)(1) and related 
commentary, which is the beginning of the time frame for which 
financial institutions may calculate additional fee types to disclose, 
so as not to inconvenience financial institutions who have already 
prepared their additional fee types calculations in reliance on that 
date.

18(h) Effective Date and Special Transition Rules for Disclosure 
Provisions

    Regulation E Sec.  1005.18(h) sets forth several provisions to make 
clearer the Prepaid Accounts Final Rule's general October 1, 2017 
effective date. The Bureau is proposing to revise the dates in the 
regulatory text and headings throughout Sec.  1005.18(h) and in 
comments 18(h)-1, 2, 6.i and 6.ii to reflect the proposed revised 
effective date of April 1, 2018.

1005.19 Internet Posting of Prepaid Account Agreements

19(f) Effective Date

19(f)(1) Effective Date

    Regulation E Sec.  1005.19(f)(1) sets forth the general effective 
date for the prepaid account agreement posting requirements in Sec.  
1005.19, other than the delayed requirement to submit prepaid account 
agreements to the Bureau pursuant to Sec.  1005.19(b), as addressed in 
Sec.  1005.19(f)(2). The Bureau is proposing to revise the date in the 
regulatory text of Sec.  1005.19(f)(1) to reflect the proposed revised 
effective date of April 1, 2018. As discussed above, the Bureau is not 
proposing to delay the October 1, 2018 date for submission of 
agreements to the Bureau.

V. Effective Date

    The Bureau is proposing to delay the effective date of the Prepaid 
Accounts Final Rule by six months, to April 1, 2018. Additionally, the 
Bureau is proposing to make conforming amendments to Regulation E 
Sec. Sec.  1005.18(b)(2)(ix) and (h), and 1005.19(f)(1), and related 
commentary. After considering comments received on the proposal, the 
Bureau will publish a final rule with respect to the effective date of 
the Prepaid Accounts Final Rule. The Bureau proposes that the final 
rule with respect to the effective date of the Prepaid Accounts Final 
Rule will become effective 30 days after publication in the Federal 
Register, as required under section 553(d) of the Administrative 
Procedure Act.\13\
---------------------------------------------------------------------------

    \13\ 5 U.S.C. 553(d).
---------------------------------------------------------------------------

VI. Section 1022(b) of the Dodd-Frank Act

    In developing the proposed rule, the Bureau has considered the 
potential benefits, costs and impacts required by section 1022(b)(2) of 
the Dodd-Frank Act. Specifically, section 1022(b)(2) calls for the 
Bureau to consider the potential benefits and costs of a regulation to 
consumers and covered persons, including the potential reduction of 
consumer access to consumer financial products or services, the impact 
on depository institutions and credit unions with $10 billion or less 
in total assets as described in section 1026 of the Dodd-Frank Act, and 
the impact on consumers in rural areas. In addition, 12 U.S.C. 
5512(b)(2)(B) directs the Bureau to consult, before and during the 
rulemaking, with appropriate prudential regulators or other Federal 
agencies, regarding consistency with the objectives those agencies 
administer. The Bureau consulted, or offered to consult with, the 
prudential regulators, the Department of the Treasury, the Securities 
and Exchange Commission, and the Federal Trade Commission regarding 
consistency with any prudential, market, or systemic objectives 
administered by these agencies.
    The Bureau previously considered the costs, benefits, and impacts 
of the Prepaid Accounts Final Rule's major provisions.\14\ Compared to 
the baseline established by the Prepaid Accounts Final Rule,\15\ the 
proposed delay of the effective date of the Prepaid Accounts Final Rule 
would generally benefit covered persons by facilitating initial 
compliance with the Prepaid Accounts Final Rule's requirements and 
delaying the start of ongoing compliance costs. Because covered persons 
retain the option of complying with the Prepaid Accounts Final Rule's 
effective date, any delay in the effective date will not increase costs 
to providers because they retain the option of complying with the 
original effective date. If a delay in the effective date would help to 
preserve consumer access to covered products by minimizing industry 
disruption, both

[[Page 13785]]

consumers and covered persons would benefit. The Bureau believes that 
delaying the effective date may also delay consumers' realization of 
benefits arising from the protections provided by the Prepaid Accounts 
Final Rule. In addition, the Bureau does not expect the proposed rule 
to have a differential impact on depository institutions and credit 
unions with $10 billion or less in total assets as described in section 
1026 of the Dodd-Frank Act or on consumers in rural areas. The Bureau 
does not believe that the proposed delay in the effective date would 
reduce consumer access to consumer financial products and services, and 
it may increase consumer access by decreasing the possibility of 
industry disruption arising from the Prepaid Accounts Final Rule's 
implementation.
---------------------------------------------------------------------------

    \14\ 81 FR 83934, 84269 (Nov. 22, 2016).
    \15\ The Bureau has discretion in any rulemaking to choose an 
appropriate scope of analysis with respect to potential benefits, 
costs, and impacts and an appropriate baseline.
---------------------------------------------------------------------------

    The Bureau requests comment on this discussion as well as 
submission of additional information that could inform the Bureau's 
consideration of the potential benefits, costs, and impacts of this 
proposed rule.

VII. Regulatory Flexibility Act

    The Regulatory Flexibility Act \16\ as amended by the Small 
Business Regulatory Enforcement Fairness Act of 1996 \17\ (RFA) 
requires each agency to consider the potential impact of its 
regulations on small entities, including small businesses, small 
governmental units, and small not-for-profit organizations.\18\ The RFA 
defines a ``small business'' as a business that meets the size standard 
developed by the Small Business Administration (SBA) pursuant to the 
Small Business Act.\19\
---------------------------------------------------------------------------

    \16\ Public Law 96-354, 94 Stat. 1164 (1980).
    \17\ Public Law 104-21, section 241, 110 Stat. 847, 864-65 
(1996).
    \18\ 5 U.S.C. 601 through 612. The term ```small organization' 
means any not-for-profit enterprise which is independently owned and 
operated and is not dominant in its field, unless an agency 
establishes [an alternative definition under notice and comment].'' 
5 U.S.C. 601(4). The term ```small governmental jurisdiction' means 
governments of cities, counties, towns, townships, villages, school 
districts, or special districts, with a population of less than 
fifty thousand, unless an agency establishes [an alternative 
definition after notice and comment].'' 5 U.S.C. 601(5).
    \19\ 5 U.S.C. 601(3). The Bureau may establish an alternative 
definition after consulting with the SBA and providing an 
opportunity for public comment. Id.
---------------------------------------------------------------------------

    The RFA generally requires an agency to conduct an initial 
regulatory flexibility analysis (IRFA) and a final regulatory 
flexibility analysis (FRFA) of any rule subject to notice-and-comment 
rulemaking requirements, unless the agency certifies that the rule 
would not have a significant economic impact on a substantial number of 
small entities.\20\ The Bureau also is subject to certain additional 
procedures under the RFA involving the convening of a panel to consult 
with small entity representatives prior to proposing a rule for which 
an IRFA is required.\21\
---------------------------------------------------------------------------

    \20\ 5 U.S.C. 601 through 612.
    \21\ 5 U.S.C. 609.
---------------------------------------------------------------------------

    In the Prepaid Accounts NPRM, the Bureau concluded that the rule 
would not have a significant economic impact on a substantial number of 
small entities and that an IRFA was therefore not required.\22\ That 
conclusion remained unchanged for the Prepaid Accounts Final Rule.\23\ 
The Bureau concludes that an IRFA is not required for this proposed 
rule because the proposed rule, which would delay the effective date of 
a rule that will not have a significant economic impact on a 
substantial number of small entities, would not have a significant 
economic impact on a substantial number of small entities if adopted.
---------------------------------------------------------------------------

    \22\ 79 FR 77102, 77283 (Dec. 23, 2014).
    \23\ 81 FR 83934, 84308 (Nov. 22, 2016).
---------------------------------------------------------------------------

    As discussed above, the proposal would delay the effective date of 
the Prepaid Accounts Final Rule to April 1, 2018. The proposed six-
month delay in the effective date would benefit small entities by 
providing additional flexibility with respect to the timing of the 
Prepaid Accounts Final Rule's implementation. In addition to generally 
providing increased flexibility, the delay in the effective date would 
permit small entities to delay the commencement of any ongoing costs 
that result from complying with the Prepaid Accounts Final Rule. 
Because small entities retain the option of complying with the Prepaid 
Accounts Final Rule's original effective date, the proposed rule's 
delay of the effective date will not increase costs incurred by small 
entities relative to the baseline established by the Prepaid Accounts 
Final Rule. Accordingly, the undersigned hereby certifies that this 
proposed rule, if adopted, would not have a significant economic impact 
on a substantial number of small entities.

VIII. Paperwork Reduction Act

    Under the Paperwork Reduction Act of 1995 \24\ (PRA), Federal 
agencies are generally required to seek Office of Management and Budget 
(OMB) approval for information collection requirements prior to 
implementation. The collections of information related to the Prepaid 
Accounts Final Rule have been previously reviewed and approved by OMB 
in accordance with the PRA and assigned OMB Control Number 3170-0014 
(Regulation E) and 3170-0015 (Regulation Z). Under the PRA, the Bureau 
may not conduct or sponsor and, notwithstanding any other provision of 
law, a person is not required to respond to an information collection 
unless the information collection displays a valid control number 
assigned by OMB.
---------------------------------------------------------------------------

    \24\ 44 U.S.C. 3501 et seq.
---------------------------------------------------------------------------

    The Bureau has determined that this proposed rule would not have 
any new or revised information collection requirements (recordkeeping, 
reporting, or disclosure requirements) on covered entities or members 
of the public that would constitute collections of information 
requiring OMB approval under the PRA. The Bureau welcomes comments on 
this determination or any other aspects of this proposal for purposes 
of the PRA. Comments should be submitted to the Bureau as instructed in 
the Addresses part of this notice and to the attention of the Paperwork 
Reduction Act Officer. All comments will become a matter of public 
record.

    Dated: March 8, 2017.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2017-05060 Filed 3-14-17; 8:45 am]
 BILLING CODE 4810-AM-P