WASHINGTON—The Consumer Financial Protection Bureau’s final rule on prepaid accounts has survived a bid to repeal it via the U.S. Congressional Review Act (CRA), with lawmakers failing to bring the matter up for vote by the 11 May deadline, reported Banking Technology.
Although CRA reform efforts failed, reforming the rule is still a possibility, the publication noted.
Under the CRA, Congress can vote to repeal any law within 60 legislative days of its publication by simple majority votes in the House and Senate and the signature of the president, noted the news outlet.
“With a strong base of opposition to the CFPB among the Republican Congressional majority – and President Trump’s often-expressed displeasure with financial regulation – many opponents of the final rule viewed a CRA repeal as a viable possibility,” Banking Technology added.