Dear John,

Happy New Year! On behalf of Prosperity Now and Propel, I’m reaching out on an under-the-radar policy issue that is moving quickly in DC and will have a substantial impact on low-and-moderate income individuals and BIPOC communities.

The Consumer Financial Protection Bureau (CFPB) is developing a rule to define the rights of consumers to access their financial data and to provide new consumer protections. Right now, their draft plan excludes Electronic Benefits Transfer (EBT) accounts. This approach is based on the same regulatory carve out that denies protection for people whose benefits are stolen via card skimming and forces low-income Americans into second-class citizenship.

The good news is that the CFPB is asking for feedback—whether households with low incomes who use EBT accounts should get the same access, rights and consumer protections as other financial products. Not surprisingly, we think the answer is a clear “YES!,” but the CFPB needs to hear from people who agree before January 25, 2023.

Here’s where you come in.

For more information, here is a link to the CFPB’s press release, high-level summary, and detailed discussion memo. Prosperity Now and Propel will also be holding a quick, virtual chat on Thursday, January 12 at 2 PM EST. Please email Joanna at [email protected] to get an invite!

To take much-needed action, here is a link to a customizable draft feedback letter that your organization can personalize and simply submit to the CFPB. Submissions should be emailed to [email protected].

Please let me know if you have any questions, and thank you for your consideration and support!

Take care,

Joanna Ain
Associate Director, Policy
Prosperity Now