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Senators Seek to Nullify CFPB Prepaid Rule
Monday, February 6, 2017 6:30 AM

A joint resolution that seeks to nullify the CFPB’s prepaid rule under the Congressional Review Act was introduced last week by Sen. David Perdue (R-Ga).

Republican Sens. Tom Cotton of Arkansas, Johnny Isakson of Georgia, Ron Johnson of Wisconsin, James Lankford of Oklahoma, Mike Lee of Utah, and Mike Rounds of South Dakota are all original cosponsors to the resolution, S.J. Res. 19. The resolution awaits action of the Senate Banking Committee, of which Perdue, Cotton, and Rounds are members.

The CFPB’s prepaid rule creates new consumer protections for prepaid accounts under Regulations E and Z. The rule goes into effect Oct. 1.

Credit unions’ unique structure and high level of member service were not recognized in this final rule.