Bill Summary

Disapproving Rule Protecting Prepaid Accounts

HJRes-62 (2017)

Disposition: 2017-Feb-03
Introduced in the House

The bill needs to pass the House and Senate - and then be signed by the president - to become law.

Full title...
Joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to prepaid accounts under the Electronic Fund Transfer Act and the Truth in Lending Act.

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Bill Text (Reading difficulty: Easy)
More Information

This would revoke an Obama-era consumer protection

This bill prevents a rule by the Consumer Financial Protection Bureau from taking effect.

The regulation protects users of prepaid payment cards from deceptive charges and fraudulent use of their card.

It makes use of the Congressional Review Act, which allows Congress to revoke new rules issued by federal agencies.

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