CFPB seeks input on trends in consumer credit card market

The CFPB Tuesday issued a request for information for its biennial report on the state of the consumer credit card market. Relatedly, the bureau is expected to release a proposed rulemaking this month addressing credit card late fees collected by financial institutions.

The bureau is required by the Credit Card Accountability Responsibility and Disclosure (CARD) Act to review the credit card industry every two years and report its findings to Congress. The last report, issued in 2021, found declines in credit card debt and increases in digital engagement in the wake of the coronavirus pandemic.

The new request in particular seeks 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;

 

continue reading »

More News