CFPB’s prepaid-card rule survives Congress challenge

In October 2016, the Consumer Financial Protection Bureau issued a rule requiring greater disclosures for and imposing overdraft limits on prepaid cards, which are frequently used in place of paychecks by people without bank accounts.

The timing made the rule eligible for Congress to repeal it under the Congressional Review Act, but lawmakers only had until Thursday to kill the regulation by passing a disapproval resolution in both chambers with simple majorities.

They did not not.

Reuters has the story.

National Consumer Law Center had this statement explaining the importance of the rule.

The CFPB's rule is available here.


Leave a Reply

Your email address will not be published. Required fields are marked *