Lawmakers Trying To Roll Back CFPB Regulations on Pre-Paid Credit Cards

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Lawmakers Trying To Roll Back CFPB Regulations on Pre-Paid Credit Cards

Feb, 16th 2017

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.

As we’ve covered before, the Congressional Review Act is a little-used piece of legislation that gives Congress a short window during which they can seek to undo a new federal regulation.

In order to roll back a rule under the CRA, both the House and Senate must approve...

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