WASHINGTON—The CFPB is beginning to collect information that will be included in its biennial report on the state of the credit card market.
The Bureau is required to review the state of the credit card market by the Credit Card Accountability Responsibility and Disclosure Act (CARD Act).
NAFCU noted the Bureau's request for information (RFI) seeks commentary including, but not limited to, a review of:
- The terms of credit card agreements and the practices of credit card issuers
- The effectiveness of disclosures of terms, fees, and other expenses of credit card plans
- The adequacy of protections against unfair or deceptive acts or practices relating to credit card plans
- The extent to which implementation of the CARD Act has affected the costs and availability of credit, the safety and soundness of credit card issuers, risk-based pricing, and credit card innovation