Defending Democracy with Informed Community Action in WNC

Call Senators to Protect CFPB’s Prepaid Card Rule

TAKE ACTION NOW! Call Senators Tillis & Burr to Protect CFPB’s Prepaid Card Rule

The prepaid card rule protects consumers that use prepaid cards to conduct everyday financial transactions.

The Consumer Financial Protection Bureau (CFPB) ensures that consumers who use prepaid accounts have basic fraud protections against unaffordable overdraft fees and hidden fees.

The Rule also requires employers to communicate information about fees on payroll cards.

Some U.S. Senators want to permanently strip away common-sense protections from more than 12 million households that use prepaid cards to conduct everyday financial transactions. In North Carolina, 10% of the households use these cards – over 400,000 households.

The biggest beneficiary of stopping this rule is NetSpend, a prepaid card company that charges $80 million a year in overdraft fees on prepaid cards. Senators from NetSpend’s home state filed this resolution to block CFPB’s rule.

ACT TODAY: CALL & TWEET AT SENATORS BURR & TILLIS

Senator Richard Burr (202) 224.3154

Senator Thom Tillis (202) 224.6342

Sample script:

“Hello, my name is [your name] and I’m a constituent of the Senator living in [city, zip code]. I’m calling to ask the Senator to OPPOSE S.J.Res.19, the Congressional Review Act resolution that would block the CFPB’s final rule on prepaid cards. This resolution would harm 12 million households that use prepaid cards each year, including 400,000 North Carolina households. We should not allow prepaid card companies to earn millions in overdraft fees, particularly since people use prepaid cards to avoid these fees. Again, I ask the Senator to OPPOSE this measure. North Carolina consumers need protections against predatory financial practices. Thank you.”

Tweet at Senators Burr (@SenatorBurr) and Tillis (@SenThomTillis):

  • Support the @CFPB rule against fraud and hidden fees on #prepaid cards. #DefendCFPB @SenatorBurr @SenThomTillis
  • Stand up for your constituents, not @NetSpend’s overdraft fees on #prepaid cards. #DefendCFPB @SenatorBurr @SenThomTillis
  • Let @CFPB do its job: #prepaid cards should be prepaid #DefendCFPB @SenatorBurr @SenThomTillis
  • Don’t let @Netspend scam customers by blocking @CFPB’s #prepaid rule #DefendCFPB @SenatorBurr @SenThomTillis
  • Support @CFPB #prepaid card rule, don’t cater to lobbyists. #DefendCFPB @SenatorBurr @SenThomTillis