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Georgia Senators Working to Remove Consumer Banking Protections
Senators Isakson and Perdue, both of Georgia, have filed legislation to overturn regulations capping overdraft fees on pre-paid debit cards. It appears one of the major beneficiaries of this regulation rollback would be a company called Total System Services, which has donated tens of thousands of dollars to both Senators.
The rules, issued by the Consumer Financial Protection Bureau, extend the same basic consumer protections that apply to traditional debit cards — protections against fraud, unauthorized charges and limits on overdraft fees. They were issued in October last year and would be effective Oct. 1, 2017, if Perdue and Co.’s resolution fails.
ACTION: Call your Senators and demand that they allow the Consumer Financial Protection Bureau to do it's job protecting consumers. If you are from Georgia, also be sure to ask why Senators Isakson and Perdue have put their donors' interests ahead of their constituents'.