Congress will not use the Congressional Review Act to prohibit the CFPB from issuing rules governing prepaid cards.
The deadline for the House and Senate using the law to affect the rulemaking process expired Thursday.
"When the CFPB originally released its 1,689-page rule, it was entirely too broad and would negatively impact financial products millions of consumers use every day," said Sen. David Perdue (R-Ga.), in explaining why he didn't push the needed congressional resolution. He went on to say, "Ultimately, the CFPB should have scrapped this rule altogether but we were able to extract significant concessions to narrow its scope."
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