The Consumer Financial Protection Bureau (CFPB) issued a request for information seeking public feedback on how the credit card market is functioning.
“The CFPB undertakes a biennial review of the consumer credit card market to ensure guidelines and guardrails to protect consumers are working as intended,” said CFPB Director Rohit Chopra. “This request for information is a meaningful data point that will inform our decision-making on any potential changes, and the CFPB invites consumers, credit card issuers, industry analysts, consumer groups, and the general public to submit information and comments relevant to the topic.”
The CFPB is interested in hearing about people”™s overall experiences with credit card products. In particular, the request is seeking information on:
Ӣ Terms of credit card agreements and the practices of credit card issuers
Ӣ Effectiveness of disclosure of terms, fees, and other expenses of credit card plans
Ӣ Adequacy of protections against unfair or deceptive acts or practices relating to credit card plans
Ӣ Cost and availability of consumer credit cards
Ӣ Safety and soundness of credit card issuers
Ӣ Use of risk-based pricing for consumer credit cards
Ӣ Consumer credit card product innovation
The public will have until April 24 to submit their comments via the CFPB website.
