Earlier this year, lawmakers on Capitol Hill began the process of dismantling the Consumer Financial Protection Bureau’s long-awaited prepaid card rules — meant to improve transparency and curb runaway fees — that are set to to go into effect. As Congress prepares to consider three bills that would erase these rules, attorneys general from 18 states have called on legislators to put consumers’ needs over those of the prepaid card industry. [More]
There Goes The Rule
Congress Trying To Roll Back Consumer Protections For Prepaid Cards
By 2.3.17
Last fall, weeks before the election, the Consumer Financial Protection Bureau concluded a three-year process of trying to make prepaid cards less costly. Those new rules, which would improve transparency and curb runaway fees, are set to go into effect later this year, but not if lawmakers on Capitol Hill have their say. [More]
