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March 09, 2017

CFPB seeks input on the credit card market

The CFPB is requesting stakeholder feedback for its credit card market review, as required periodically by the CARD Act, in the areas of consumer experiences, the overall health of the market and other areas of interest.

The request for information is scheduled to be published in the Federal Register today, with comments due in 90 days. NAFCU will submit comments.

In its request, the bureau says it wants to "understand the information that consumers, credit card issuers, consumer groups, and others believe is most relevant to the Bureau's review of the credit card market."

Specifically, the CFPB is seeking feedback on, among other topics:

  • the terms of credit card agreements and the practices of credit card issuers;
  • the effectiveness of disclosure of terms, fees, and other expenses of credit card plans;
  • the adequacy of protections against unfair or deceptive acts or practices or unlawful discrimination relating to credit card plans;
  • the cost and availability of consumer credit cards, the use of risk-based pricing for consumer credit cards, and consumer credit card product innovation;
  • deferred interest products;
  • online and mobile account servicing; and
  • debt collection.

NAFCU has previously shared with the CFPB that the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 has added significantly to credit unions' compliance costs.

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