The Financial Crimes Enforcement Network is giving the public more time to weigh in on the rules that govern stored value cards.
FinCEN, an arm of the U.S. Treasury Department that fights money-laundering and terrorism financing operations, wants to revise the federal Bank Secrecy Act to change the name of “stored value” cards to “prepaid access” cards and find ways to promote development of the industry while discourage wrongdoers from misusing the cards.
Health benefits programs have become major users of stored value cards in recent years. Carriers and benefit plan administrators use the cards to give consumers access to value stored in flexible spending accounts, health reimbursement arrangements, health savings accounts and other personal health and benefits accounts.
FinCEN put out a notice of proposed rulemaking June 28, and the comment period was set to expire July 28.
“We have received a number of comments to date, including a request to extend the deadline for comments in order to allow interested parties more time in which to comment on the proposals in the notice,” FinCEN officials say in a notice about the stored value card rulemaking process that appears today in the Federal Register.
To give interested parties more time to respond, FinCEN is extending the comment period until Aug. 27.