Summary: Request for Information Regarding Remittance Rule Assessment Plan (April., 2017)

Summary: CFPB Request for Information Regarding Consumer Credit Card Market

Consumer Financial Protection Bureau (CFPB)
Prepared by NASCUS Legislative & Regulatory Department
April 2017

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act or Act) requires the Consumer Financial Protection Bureau (CFPB) to conduct a review of the consumer credit card market, within the limits of its existing resources available for reporting purposes.  In connection with conducting this Review, the CFPB is soliciting information from the public consumer credit market.

You can find the Notice and Request for Information hereComments must be submitted by June 8, 2017.


The CARD Act established “fair and transparent practices related to the extension of credit” in the credit card market. Specifically, the Act changed the requirements applicable to credit card pricing in a number of significant respects including direct limits on a number of pricing practices that Congress deemed unfair or unclear to consumers. Section 502(a) of the CARD Act requires the CFPB to conduct a review, within the limits of its existing resources available for reporting purposes, of the consumer credit card market every two years.  To inform that review, Section 501(b) instructs the CFPB to seek public comment.

Comment Request

The CFPB is seeking information about how the credit card market is functioning.  In particular, the Bureau seeks comment on the experiences of consumers in the credit card market and on the overall health of the credit card market.  In addition, the Bureau seeks comment comments on the areas of interest highlighted below.

  • The Terms of Credit Card Agreements and the Practices of Credit Card Issuers
  • The Effectiveness of Disclosure of Terms, Fees, and Other Expenses of Credit Card Plans
  • The Adequacy of Protections Against Unfair or Deceptive Acts or Practices or Unlawful Discrimination Relating Credit Card Plans
  • The Cost/Availability of Consumer Credit Cards, the Use of Risk-based Pricing for Consumer Credit Cards and Consumer Credit Card Product Innovation
  • Deferred Interest Products
  • Subprime Specialist Products
  • Third-party Comparison Sites
  • Innovation
  • Secured Credit Cards
  • Online and Mobile Accounts Servicing
  • Rewards Products
  • Variable Interest Rates
  • Debt Collection