Bill introduced to repeal CFPB prepaid card rule

Rep. Roger Williams (R-Texas) introduced Feb. 14 a bill to repeal the Consumer Financial Protection Bureau’s (CFPB) final rule amending Regulation E and Regulation Z to include prepaid cards under the Electronic Fund Transfer Act and the Truth in Lending Act.

This is the first CFPB rule to be subjected to the Congressional Review Act (CRA) and was introduced the day President Donald Trump signed the repeal of an SEC rule through the CRA process.

Read on to learn more about the bill and the rule it seeks to repeal.