In the waning days of the Obama administration the President’s minions were hard at work fulfilling promises to friends and attempting to sneak through many pet projects. One of these little gems was spawned from the Consumer Financial Protection Bureau or CFPB, an agency created by the Dodd-Frank fiasco. The CFPB wields massive amounts of power and control over the American economy with little oversight.
In October of 2016 the CFPB issued a 1700 page rule call the Prepaid Card Rule. The new rule imposes massive regulation on the prepaid card industry. Prepaid credit cards are used by millions of Americans.
According to an article in Forbes,
“Due to rising checking account fees and minimum balance requirements, some 68 million Americans have turned to prepaid cards and accounts to manage their day-to-day financial needs. These consumers, who simply want to manage their finances at a low-cost rate, cannot afford…