Tell Congress Not to Block the CFPB’s Prepaid Card Rule
|Congress is threatening to use an obscure law to block common sense new rules the CFPB just enacted to:
- give prepaid cards the same protections against fraud, unauthorized charges and errors that debit cards have;
- help consumers avoid hidden fees and comparison shop with a simple chart of key fees;
- provide convenient, free access to account transactions and account balances;
- tell employees they do not have to receive wages on a payroll card; and
- limit overdraft fees and prevent unaffordable credit features on prepaid cards by requiring hybrid prepaid-credit cards to comply with credit card laws.
But NetSpend, the only major prepaid card company that charges overdraft fees, is pushing Congress to block the rule to preserve $80 million in overdraft and other fees charged each year to struggling families.
|Please call your U.S. senators through the Capitol Switchboard at (202) 224-3121, or find their office number here. You can also fill out the form below to access the email message. Every letter makes a difference but a letter with your own concerns has the greatest effect. Your email will be sent directly to your senators and congressional representative.
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