Defend the CFPB’s Prepaid Rule

Our friends at the National Consumer Law Center sent this important message — defending the consumer protections provided by the CFPB is very important:

We found out late last week that the new Congress may soon vote on its first attack on the Consumer Financial Protection Bureau and its work to protect consumers. A vote could come as soon as this week, but more likely right after the April 7-24 recess, to use the Congressional Review Act to repeal the CFPB’s Prepaid Card Rule.  The rule gives prepaid cards basic protection against fraud and hidden fees and protects workers from being coerced into high-fee payroll cards.

 

We need everyone who supports the CFPB’s work on payday loans, forced arbitration, debt collection, student loans and other issues to help defend the CFPB and its prepaid card rule.

 

We urge you to:

The message: Vote against the resolution to block the Consumer Financial Protection Bureau’s prepaid card rule and support the CFPB’s work on behalf of ordinary Americans. Congress should not deprive everyone of basic protection against fraud and hidden fees just so that one company can keep charging overdraft fees, which have no place on prepaid or payroll cards. 

 

The attack on the prepaid rule is led by NetSpend, the only major prepaid card company with overdraft fees. NetSpend mostly sells its cards at payday lenders and through employers such as fast food and retail stores.  NetSpend stands to lose $80 million in overdraft and other fees under the rule.

For more on how you can get involved in consumer protection issues, follow @TNCitizenAction


 

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