The Wall Street Journal: GOP seeks to repeal CFPB’s consumer protection rule for prepaid cards

WASHINGTON — Republican lawmakers have introduced a resolution to repeal a new federal rule affecting prepaid cards, ramping up their effort to curb the authority of the Consumer Financial Protection Bureau.

Seven Republicans — led by Sen. David Perdue of Georgia, who has long been critical of the CFPB — submitted the joint resolution to the Senate on Wednesday. They seek to scrap the prepaid-card rule under the Congressional Review Act.

Republicans have vowed to deploy the rarely used law to squash dozens of regulations issued in recent months by the Obama administration. The House already passed resolutions this week to rescind two regulations: the Securities and Exchange Commission’s antigraft rule targeting mining companies and an Interior Department coal-mining rule.

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