Customer Federation of America. Advocates Urge CFPB to Ban Overdraft costs and pay day loans on Prepaid Cards

Customer Federation of America. Advocates Urge CFPB to Ban Overdraft costs and pay day loans on Prepaid Cards

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Rachel Gittleman

Financial Solutions and Membership Outreach Manager

Many Recent Press Releases

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  • Brand Brand New Bank Regulator Leadership Welcome
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  • Most Recent Testimony and Feedback

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  • CFA along with other Groups Express Concerns to OCC About Oportun’s Application for a nationwide Bank Charter
  • More powerful Customer Defenses Are Required on Mainly Unregulated Cards

    Washington D.C. — customer advocates, civil liberties teams, and community companies around the world urged the customer Financial Protection Bureau to ban overdraft charges and pay day loans on prepaid cards in numerous opinions filed aided by the Bureau yesterday. “Prepaid cards with overdraft costs and pay day loan features are inherently deceptive,” says Lauren Saunders, handling lawyer of this National customer Law Center. “People look to prepaid cards once they experienced trouble with overdraft costs on bank records or wish settings on the investing, as well as need not be lured into another cycle that is dangerous of.”

    The CFPB has established so it will compose guidelines to govern prepaid cards, a quickly growing and market that is largely unregulated at unbanked consumers and individuals who possess credit issues.

    “Payday loan providers are generally utilizing prepaid cards to circumvent state legislation that protect folks from loans with dangerous interest that is triple-digit,” said Jean Ann Fox, manager of economic solutions at customer Federation of America. Continue reading

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