Republicans in Congress have moved to repeal recently issued
Consumer Financial Protection Bureau regulations governing the
prepaid card industry. Rep. Tom Graves (R-Ga.) introduced a bill in
the House in early February that would submit the rules to a vote
of disapproval under the Congressional Review Act. A group of
Republicans filed a similar measure in the Senate.
As we reported last year, the CFPB issued final rules regarding
prepaid accounts in October 2016. "Prepaid accounts" are
those accounts marketed or labeled as "prepaid" for use
at unaffiliated merchants or ATMs, but are not linked to checking
accounts, share draft accounts, or negotiable order of withdrawal
(NOW) accounts. The new rules confirm that Regulation E applies to
prepaid accounts and, as a result, employers cannot require their
employees to receive wages through payroll cards. Furthermore, the
prepaid card rules require issuers to investigate and resolve
errors when consumers report
