Submitted by Anonymous on Fri, 05/12/2017 - 19:16
The Consumer Financial Protection Bureau (CFPB) escaped a May 11th deadline for Congress to void a rule designed to give prepaid card users similar protections as debit card users. Congress could have used the Congressional Review Act or CRA to remove the "Prepaid Account Rule" as they did earlier this year to void other transparency rules. The Prepaid Account Rule will go into effect later in the year."Vulnerable consumers need to be protected from fraud, hidden fees and predatory actors," noted Eric LeCompte, Executive Director of the religious development group Jubilee USA.