The CFPB published a request for information in yesterday’s Federal Register seeking information to inform its next review of the credit card market. The CARD Act requires the Bureau to conduct such a review every two years. The Bureau’s first three reviews were published in October 2013, December 2015, and December 2017.
The RFI contains a series of questions about various issues that are divided into the following topics:
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Terms of credit card agreements and practices of card issuers
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Effectiveness of disclosures of terms, fees, and other expenses of credit card plans
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Adequacy of protections against unfair or deceptive acts or practices relating to credit card plans
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Cost and availability of consumer credit cards
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Safety and soundness of credit card issuers
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Use of risk-based pricing for consumer credit cards
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Consumer credit card product innovation
Comments must be received on or before May 1, 2019.
