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Senate Pits Congressional Review Act against CFPB Prepaid Card Rule
On Wednesday, February 1, 2017, Sen. David Perdue (R-GA) submitted a resolution to the Senate’s Committee on Banking, Housing, and Urban Affairs seeking repeal of the CFPB’s prepaid card rule under the Congressional Review Act. The resolution, currently with seven co-sponsors, is the Senate’s first attempt to use the Congressional Review Act against the CFPB. The Bureau issued the new prepaid card rule in October of 2016, with the policy scheduled to go into effect this fall. Currently, it is unclear whether the resolution will be up for a vote.