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“The CFPB’s rule jeopardizes access to overdraft services when hardworking Americans face unexpected expenses, leaving them with worse alternatives like payday loans and pawnshops.”

“Without having a rigorous, effective enforcement, nothing’s going to happen,” said Tony DeMarco, a pawnshop owner and president of the Whittier Boulevard Merchants Assn., which opposed the ordinance.

“I can’t believe someone would take it and I hope local pawnshops don’t buy them.”

Asset-secured cards are a better gateway to credit and low interest rates than options from a pawnshop or car title loan, which also require collateral.

He sold them to booksellers, pawnshops and collectors.