WASHINGTON—As Republicans take aim at Dodd-Frank and the CFPB, a group of senators has introduced a resolution to repeal the Bureau’s rule on prepaid cards.
Seven Republicans—led by Sen. David Perdue of Georgia—have submitted a joint resolution to the Senate seeking to scrap the prepaid-card rule under the Congressional Review Act, MarketWatch reported.
Republicans have vowed to deploy the rarely used law to squash dozens of regulations issued in recent months by the Obama administration. The House already passed resolutions to rescind two regulations: the Securities and Exchange Commission’s antigraft rule targeting mining companies, and an Interior Department coal mining rule.
The CFPB’s new rules on prepaid cards are scheduled to go into effect this fall. The rules’ biggest impact on card issuers come from more detailed disclosure requirements and new hurdles for overdraft programs.