CFPB seeks public input on credit cards

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.