The CFPB is beginning to collect information that will be included in its biennial report on the state of the credit card market. NAFCU is seeking credit unions’ comments on how their practices with regard to credit cards might have changed in the past two years.
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, in a Regulatory Alert sent to member credit unions Wednesday, notes that 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;
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