Summary outlines RFI on CARD Act rules

A request for information (RFI) from CFPB about whether rules applying credit card consumer protections should still stand, be revised or rescinded is summarized by NASCUS in a new posting on the association’s website.

The summary is available for members only.

In late August, the bureau released the RFI (with comments due Oct. 27) as a tool for facilitating its review of the 2009 law known as the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). The RFI, more specifically, seeks information on the economic impact on small entities of the rules implementing the law, as well as on how the consumer credit card market is functioning under the CARD Act rules.

In reviewing the rules’ effect on small entities, the bureau said it was looking for comments on (among other things) the current scale of the economic effects of the rules as a whole (and their major components) on small entities including on reporting, recordkeeping, and other compliance requirements, and how those effects can be reduced (consistent with the statute).

As for the credit card marketplace, the bureau said it sought comments on (again, among other things): terms of credit card agreements and the practices of credit card issuers; effectiveness of disclosure of terms, fees, and other expenses of credit card plans; adequacy of protections against unfair or deceptive acts or practices relating to credit card plans; and the cost and availability of consumer credit cards; and product innovation.

Summary: RFI on impact of CARD Act regulations on small entities and the consumer credit card market (members only)