Summary outlines CFPB credit card market inquiry

Up to 13 different areas of comment are being sought by the CFPB as the agency seeks comment about the credit card marketplace, according to a new NASCUS summary.

Comments are due June 8, the summary notes.

In March, CFPB published a “notice and request for information” regarding the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act or Act), which requires the bureau to conduct a review of the consumer credit card market, within the limits of the market’s existing resources available for reporting purposes.

Specifically, the summary points out, the CFPB is seeking information about how the credit card market is functioning, and is seeking comment on consumer experiences and the overall health of the market.

Among the 13 items the bureau seeks comment on are: terms of credit card agreements and practices of credit card issuers; effectiveness of disclosure of terms, fees, and other expenses of credit card plans, and; adequacy of protections against unfair or deceptive acts or practices or unlawful discrimination relating credit card plans.

NASCUS Summary: CFPB Request for Information Regarding Consumer Credit Card Market