FOR IMMEDIATE RELEASE: March 17, 2015
CONTACT: Office of Communications Tel: (202) 435-7170
CONSUMER FINANCIAL PROTECTION BUREAU LAUNCHES PUBLIC INQUIRY TO INFORM AGENCY REVIEW OF THE
CREDIT CARD MARKET
Bureau Seeks Stakeholder Input on How the Credit Card Market Is Functioning
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on how the credit card market is functioning and the impact of credit card protections on consumers and issuers. This public inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and rewards programs, among others.
“With today’s inquiry, the Bureau is seeking to further understand how the credit card market is working in practice and how credit card protections affect consumers and credit card issuers,” said CFPB Director Richard Cordray. “As we undertake this review, the Bureau wants to ensure it understands the information that consumers, industry, advocates, and other stakeholders believe is most relevant.”
In 2009, Congress passed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, with the goal of bringing fairness and transparency to the credit card market. The CARD Act requires that the CFPB conduct a review of the consumer credit market every two years. As part of that review, the Bureau is seeking public comment from consumers, credit card issuers, industry analysts, consumer advocates, and others on the state of the credit card market.
With today’s Request for Information, the CFPB is seeking to gather more information on how the credit card market is functioning and the continuing effects of the CARD Act on consumers. Some of the specific areas that the Bureau is requesting information on include:
The CFPB review will culminate in a public report to Congress on the state of the consumer credit card market. The Bureau will use the data gathered to help inform future policy decisions on the topic.
A copy of today’s Request for Information, as submitted to the Federal Register, can be found at: http://files.consumerfinance.gov/f/201503_cfpb_card-act-report-rfi.pdf
Comments on the Request for Information are due within 60 days after publication in the Federal Register.
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.
Agency Profile from the Federal Register website: CFPB
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