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Released: February 07, 2017
Congressional attack on prepaid card protections
Consumer Action urges Congress not to block basic consumer protections
Contact: Linda Sherry (202) 544-3088 Ruth Susswein (301) 718-2511
Consumers are on the brink of having the first legal protections on prepaid cards. But the Consumer Financial Protection Bureau’s (CFPB) Prepaid card rule is under attack by GOP members of Congress doing the bidding for one big prepaid card issuer – Netspend.
The Prepaid card rule would require card issuers to provide many of the same consumer protections already on ATM/debit cards.
• Limits on fraud losses
• Fee disclosure
• Error resolution
Congress should not kowtow to Netspend’s fears of losing fee income.
Consumers – especially those who rely on prepaid cards in place of bank accounts - should not be punished with added fees and no fraud protection to ensure fat profits for prepaid card issuers.
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