In a letter issued on Thursday to the Consumer Financial Protection Bureau (CFPB) and the U.S. Labor Department, 16 Democratic senators urged regulators to take swift action to investigate the use of payroll cards by U.S. employers, DealBook reports.
The lawmakers cited the high fees associated with the cards, which can charge up to $2.25 for an out-of-network ATM or 50 cents for a balance inquiry, as one of the primary reasons a broad investigation is needed. Richard Durbin, Charles Schumer and Elizabeth Warren were among those who signed the letter.
The announcement follows a similar investigation of payroll cards from the New York attorney general’s office last week.
Read the full report here.
