Practically all important regulations affecting the consumer financial services industry are those issued by the CFPB. Other than mortgage regulations, the only final substantive regulations impacting our clients in the payments industry are the remittances regulation issued several years ago and the prepaid accounts rule. Resolutions have been introduced in the House and Senate to override the prepaid accounts rule under the Congressional Review Act (CRA), but I think it’s premature to prognosticate whether those resolutions will be passed. I also think Director Cordray is hesitant to finalize any new regulations out of fear that Congress will override them under the [CRA], precluding the bureau from adopting substantially similar regulations in the future. That translates to good news for most of our clients since there is tremendous cost associated with compliance with new regulations.

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