MFY Urges Greater Federal Protections for Low-Income Consumers

In written testimony to the federal Bureau of Consumer Financial Protection, MFY urged the agency to apply the protections provided under Regulation E to all GPR prepaid cards, to require easy-to-read fee disclosures, to prohibit overdraft fees and credit features, to prohibit deceptive claims about building credit, and to eliminate pre-dispute arbitration clauses.

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