Rep. Roger Williams (R-TX) introduced legislation in the House to block a Consumer Financial Protection Bureau (CFPB) rule that would provide consumers with information about prepaid account fees starting this October.
“While President Obama’s CFPB was marketed as an extra layer of protection for consumers, it has actually cornered millions of Americans who have limited or no access to the products offered by our traditional banking system,” Williams said. “It is my hope that we undo this harmful rule before it takes effect so that all families can go about their everyday lives.”
Williams, who serves on the House Financial Services Committee, has authored previous legislation to roll back some of the rules created by the Consumer Financial Protection Bureau.
Rep. Jeb Hensarling (R-TX), committee chairman, backs Williams’ resolution.
“This is just another example of the unconstitutional and unaccountable CFPB making laws instead of simply enforcing them,” Hensarling said. “I applaud Roger Williams for leading this important effort in the House that will help create the kind of fair, open and competitive markets that truly protect consumers.”
According to the Federal Deposit Insurance Corporation, 34 million American households are either unbanked or underbanked. Approximately 68 million consumers use prepaid cards to financially manage their daily lives.