On December 3, 2015, the Consumer Financial Protection Bureau ("CFPB" or “Bureau”) released its second biennial report on the consumer credit card market (“Report”), as required by the Credit Card Accountability Responsibility and Disclosure Act (“CARD Act”). The Report outlines the results of the CFPB’s most recent study of the credit card market, which included a public request for information in March 2015 and other input from industry and consumer groups. The Report updates the results from the CFPB’s 2013 study and report (“2013 Report”), and explores other aspects of the credit card market.

The Bureau’s outlook on the credit card market overall was quite positive. In a speech at the Consumer Federation of America's annual Financial Services Conference that was timed with the release of the Report, CFPB Director Richard Cordray stated that the Report shows that the CARD Act has not reduced consumer access to credit and, instead, has “had a positive impact on consumers and industry alike across the marketplace.” Director Cordray also said that the CARD Act helped consumers avoid $16 billion in “gotcha” credit card fees.