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Trump Era Fight on Financial Abuse

Sarah Anderson

GOP senators and representatives are moving to repeal a Consumer Financial Protection Bureau (CFPB) regulating the prepaid-card industry before it can be enacted this month. The prepaid-cards are more frequently used by groups who face discrimination, economic disadvantage, and barriers to traditional lines of credit. For example, the cards are used by almost 14 percent of black households, as compared to only 9 percent of white households. The new rule will protect consumers against fraud, hidden fees, and unauthorized charges. A vote on the repeal may come shortly after the congressional recess ends on April 21.