WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has issued a request for information seeking public feedback on how the consumer credit market is functioning as part of a biennial review of the industry.
The CFPB said it is seeking more and current information on various aspects of the consumer experience with credit cards, citing the enactment by Congress of the Credit Card Accountability Responsibility and Disclosure Act of 2009, which
mandates the CFPB to conduct a review of the entire credit card industry every two years and report to Congress.
According to the Bureau, it is interested in hearing about people’s overall experiences with credit card products. In particular, the request is seeking information on:
- Terms of credit card agreements and the practices of credit card issuers
- Effectiveness of disclosure of terms, fees, and other expenses of credit card plans
- Adequacy of protections against unfair or deceptive acts or practices relating to credit card plans
- Cost and availability of consumer credit cards
- Safety and soundness of credit card issuers
- Use of risk-based pricing for consumer credit cards
- Consumer credit card product innovation
The Deadline
The Bureau, which said the list of topics should not be viewed as exhaustive, said the public will have until April 24 to submit their comments.
The CFPB noted it has also issued market-monitoring orders to a diverse group of major and specialized credit card issuers. The orders seek information that no other data-gathering mechanisms currently address, such as the practices of major credit card issuers relating to, among other topics, applications and approvals, debt collection, and digital account servicing.
For info: Request for Information Regarding Consumer Credit Card Market.