PACER Act of 2017

Bill: 115-hr-1801
Sponsor: full_name: Rep. Tipton, Scott  R. [R-CO-3]
Introduced: 2017-03-30
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Consumer Financial Protection Bureau

Consumer credit
Latest action: action_date: 2017-03-30
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2017-03-30
action_desc: Introduced in House
text: <p><strong>Prepaid Account Compliance and Extension Relief Act of 2017 or the PACER Act of 2017</strong></p> <p>This bill delays, by one year, implementation of the "Prepaid Accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z)" rule finalized by the Consumer Financial Protection Bureau on November 22, 2016. (The rule&nbsp;establishes various&nbsp;consumer protections with respect to prepaid accounts.)</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 1801 IN THE HOUSE OF REPRESENTATIVES March 30, 2017 Mr. Tipton introduced the following bill; which was referred to the Committee on Financial Services A BILL To delay the effective date of the final rule of the Bureau of Consumer Financial Protection titled Prepaid Accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z) .

1. Short title This Act may be cited as the Prepaid Account Compliance and Extension Relief Act of 2017 or the PACER Act of 2017 . 2. Effective date of prepaid card rule Notwithstanding any effective date set forth in the final rule of the Bureau of Consumer Financial Protection titled Prepaid Accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z) (published November 22, 2016; 81 Fed. Reg. 83934), such final rule shall not take effect— (1) until October 1, 2018, with respect to the general effective date and any other effective date of October 1, 2017; and (2) until October 1, 2019, with respect to the effective date for issuers to submit prepaid account agreements to the Bureau and any other effective date of October 1, 2018.