Is the CFPB constitutional? Is its prepaid rule constitutional? These are questions in front of the courts right now. Two lawsuits have called into question both the structure of the CFPB and the validity of its prepaid accounts rule. The outcome of these two cases could determine who is subject to the prepaid rule and even whether the Bureau should exist in its current form.
On the state level, a lawsuit over payroll card rules is making its way through the New York State courts. It could determine whether or not the Department of Labor can regulate financial products.
In this episode, the Innovative Payments Association’s CEO, Brian Tate, and Government Relations Director, Grant Hannah, talk about these lawsuits and what their effects might be. We also talk about the long term effects of these lawsuits in the context of the possible outcomes of the 2020 elections.
The IPA will keep its members updated on developments in these suits through its regular government relations calls.
If you want to stay on top of new developments in the industry, plan to attend the Innovative Payments Conference in Washington DC, April 6-8. Learn more and register at: https://www.americanbanker.com/conference/innovative-payments
Interested in becoming an IPA member and helping to shape the future of payments? Reach out today and talk to us about the benefits of joining. Go to www.ipa.org to learn more.